Options strategies are techniques used by investors to manage risk and enhance returns in the financial markets. These strategies involve buying or selling options, which are contracts that give the holder the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specific timeframe. Common options strategies include covered calls, where an investor sells call options on assets they already own, and protective puts, which involve buying put options to hedge against potential losses. By employing these strategies, investors can tailor their approach to market conditions and their individual risk tolerance.