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Tips on how to remember the option strategies ?

Hi guys!
Need tips on the best way to remember the numerous option strategies ( bull spread, butterfly, etc ) under risk management… :/
Thanx…

Unfortunately I don’t know of any good “tricks” but developing some intuition about it is the best way if you ask me. I don’t know if this helps you but here’s how I think of them:
There are only two strategies where we mix more than one type of option (calls and puts) One is the box spread, which takes a stance in each of the possible positions (long call, long put, short call, short put - all 4 corners, hence the “box”).
The other is the collar, which is a covered call + protective put. I just remind myself that we’re locking in narrow range of potential gains/losses and think of what I would want to do if I wanted to limit my upside/downside and it makes sense.
The butterfly call spread is the only strategy other than box that has more than two options in it and its kinda like a sandwich - two long calls on top and bottom (ie highest and lowest strike prices) with two short calls in the middle (middle prices).
The rest are sort of intutuive if you understand options at all and take some time to think about it - as I said before they will all be a long and short position in two of the same kind of option (call or put) and you can take your cue from the name. If you can just remember the bull call spread then bull put/bear call/bear put can all pretty much be derived from that.
Bull call spread = we’re bullish, so obv we think the price is going to go up. Long call with price + short call with higher strike = we get the upside of the long call but only until the short call ends up in the money (hence limited upside).
Bear call spread will just switch the long and short strike prices.
Put strategies will also be the same, just switch around the strike prices (ie if bull call is long lower and short higher, then bull put will be long higher and short lower).
Straddle: long and short position w/same strike price. I just think “straddle = same” and it works for me.
Yikes, that doesn’t seem as simple as I thought it would be when I set out to write it, but I really hope you find something helpful in there!

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Sorry, on the bull call spread, that should be long call with lower strike price.

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one for bull spread. Bull = Buy Low. Ie buy low call strike.
I did hear one about the bulls in spain and the bears in the zoo but dont have the foggiest what that means.

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thanx aimee & chedges….

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on the bull and the bear - just remember your paying a net premium. i.e. your buying the more expensive call and selling the cheaper one.

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