The Vertical Spreadis one of the more popular strategies among option traders. Along with being one of the easier option trading strategies to understand, another reason newer option traders in particular gravitate to this strategy is that it can require very little time to manage it while it is on. Another way to put it, is that credit spread sellers don't need to be glued to their computer screens all day watching every tick of the market in order to generate consistent income with this trade.

While the Calendar Spread can be used in various market conditions, they perform best in low volatility environments. Rising volatility levels help these trades, while sinking volatility levels hurt them.

The option butterfly spread trade - which is constructed from both puts and calls is often a treasured tactic among option income fanatics. Not only does this trade give the trader a considerable level of premium at the beginning of the trade which could be turned into a major monthly cash flow, it also provides a highly sturdy position structure which can take and endure a range of trading environments, including really volatile environments like the ones we are witnessing now. In a crazy stock market where several other option strategies do not have a chance, the butterfly spread may be put on and if appropriately maintained, wind up doing exceptionally well.