Goal: Positioning to profit from an increase in the level of the underlying index.

Goal: Positioning to profit from a decrease in the level of the underlying index.

This strategy profits if the underlying stock moves up to, but not above, the strike price of the short calls.

This strategy is appropriate for a stock considered to be fairly valued.

This strategy is the combination of a bull call spread and a bull put spread.

The initial cost to initiate this strategy is rather low, and may even earn a credit, but the upside potential is unlimited.

The initial cost to initiate this strategy is rather low, and may even earn a credit, but the downside potential is substantial.

This strategy can profit from a steady stock price, or from a falling implied volatility.

This strategy can profit from a slightly falling stock price, or from a rising stock price.