Various trading strategies

In the following table, we will summarize several commonly used trading strategies involving various types of options:

Names	Description	Direction of initial cash flow	Expectation of future price movement
Bull spread with calls	Buy a call (x1) sell a call (x2) [x1 < x2]	Outflow	Rise
Bull spread with puts	Buy a put (x1), sell a put (x2) [x1 < x2]	Inflow	Rise
Bear spread with puts	Buy a put (x2), sell a put (x1) [x1 < x2]	Outflow	Fall
Bear spread with calls	Buy a call (x2), sell a call (x1) [x1 < x2]	Inflow	Fall
Straddle	Buy a call and sell a put with the same x value	Outflow	Rise or fall
Strip	Buy two puts and a call (with the same x value)	Outflow	prob (fall) > prob (rise)
Strap	Buy two calls and one put (with the same x value)	Outflow	prob (rise) > prob (fall)
Strangle	Buy a call (x2) and buy a put (x1) [x1 < x2]	Outflow	rise or fall
Butterfly with calls	Buy two calls (x1, x3) and sell two calls (x2) ...