Options trading strategies involve various methods that traders use to maximize profits or minimize risks when buying and selling options contracts. Common strategies include covered calls, where an investor holds a stock and sells call options on it, and straddles, which involve buying both call and put options at the same strike price to profit from significant price movements in either direction. Another popular strategy is the iron condor, which combines two spreads to limit potential losses while generating income from the premiums collected. Each strategy has its own risk profile and is suited for different market conditions, allowing traders to tailor their approach based on their investment goals.