The following are theta neutral option strategies:
- Bear Call Spread (also Short Call Spread, Credit Call Spread)
- Bear Put Spread (also Long Put Spread, Debit Put Spread)
- Bull Call Spread (also Long Call Spread, Debit Call Spread)
- Bull Put Spread (also Short Put Spread, Credit Put Spread)
- Long Box Spread (also Box Spread)
- Long Combo
- Short Box Spread
- Short Combo
- Synthetic Long Stock (also Synthetic Stock, Synthetic Long)
- Synthetic Short Stock (also Synthetic Short)
Theta neutral means that total theta is near zero and the position neither gains nor loses with passing time.
See also option strategies with positive theta (which profit from passing time) and option strategies with negative theta (which lose as time passes, other factors being constant).