1. Short v. Long Volatility on Options So many different types of option strategies One useful distinction: are we long or short volatility? In other words: does a large movement in the asset price help or hurt us?

2. Long Volatility Buying Calls Buying Puts Protective Puts Buying straddles

3. Long Volatility Buying Calls

4. Long Volatility Buying Puts

5. Long Volatility Protective Put

6. Long Volatility Buying Straddles

7. Short Volatility “Income” strategies: Covered Calls Selling Puts Selling straddles Some spread trades

8. Short Volatility Covered Call

9. Short Volatility Selling Puts

10. Short Volatility Selling straddles

11. Short Volatility Deep In/Out-the-Money spread trades

12. Long or short volatility?