Some Options strategies such as covered calls also involve owning the Underlying stock (or asset with similar characteristics).
There are numerous types of option strategy and how appropriate they are depends on the Underlying instrument and the objectives of the trader. Some Options strategies such as Spreads and single Long Options are defined risk (in other words, the maximum amount that can be lost on a trade is known in advance). Other strategies such as Short straddles and selling naked puts or calls are undefined risk (or at least they can go to zero in the case of puts).
Undefined risk strategies are those where the net position is Short. Defined risk strategies are either net equal Long and Short or net Long.
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Top 3 Options Trading Strategies for Monthly Income
Option Alpha video explaining three strategies for generating income from options.
External LinksCBOE Option Strategies Guide
A CBOE guide to options strategies, covers basic through to advanced strategies and has explanatory articles about all of them.Option Strategy Finder
A tool to help locate an option strategy based on outlook (bullish/bearish), profit/loss potential, net debit or credit and the number of legs.Tasty Trade Options Key Concepts & Strategies
Index of major strategies discussed on TastyTrade.comTop 4 options strategies for beginners
A guide to four simple options strategies which can be used by beginners. Note these strategies may also be used by more experienced options traders also.Options Playbook Strategy Guide
Guide to options strategies from optionsplaybook.comOption Trading Strategies
Random Walk Trading describe the main varieties of options trading strategies, in addition to some less well-known types like the 'Iron Cockroach'.