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An option is a derivative financial instrument traded in organized exchanges. Option is a contact between a buyer and a seller. Option gives a buyer the right (but not the obligation to buy or sell the contract) while the seller has an obligation to honor the contract. Option markets are growing and investors who are entering this market should be aware of the basic concepts associated with options and its trading. Options are used to hedge the risk. From among numerous trading strategies an investor should choose the appropriate one to trade in options. These strategies can be used directly, together or as combination depending upon the risk-bearing capacity of the investor. Moreover, volatility, price changes and market direction play an important role in the determination of the strategy to be adopted. This book is a collection of articles on various advanced trading strategies in options. The book is divided into two sections – single and combination strategies and Spread Strategies. Though spread strategies are a form of combination strategy, many types of spread are available of which vertical (bear and bull) and ratio spreads are traded actively. The most popular strategy, however, remains the straddle. Strangle also comes under the heavily traded strategy. The book throws light on Covered call - the single option strategy and Strangles and Straddles - the combination and the Spreads - Butterfly, Ratio, Calendar and Box Strategies. It also talks about estimating risk using Greeks.