Option Strategies with Underlying Position

These are the basic option strategies which include a long or short position in the underlying asset:

• Collar
• Covered Call
• Covered Put
• Protective Call (also Married Call)
• Protective Put (also Married Put)

There are other, more complex option strategies which also involve a position in the underlying - mainly covered straddles/strangles and synthetics:

• Covered Short Straddle
• Covered Short Strangle
• Long Call Synthetic Straddle (also Synthetic Straddle)
• Long Call Synthetic Strangle (also Synthetic Strangle)
• Long Put Synthetic Straddle
• Long Put Synthetic Strangle
• Short Call Synthetic Straddle
• Short Call Synthetic Strangle
• Short Put Synthetic Straddle
• Short Put Synthetic Strangle
• Synthetic Long Call (also Synthetic Call)
• Synthetic Long Put (also Synthetic Put)
• Synthetic Short Call
• Synthetic Short Put