Depending on what you are expecting in the market for a given forex pair and time-frame, there are over a dozen popular strategies used to establish an options position with predefined risk in anticipation of specific market behavior related to price direction and volatility, some of which are listed below: A combination position includes more than one option in the same contract at the same time. A straddle (or strangle) combines writing (or purchasing) both a put and call at the same strike price (or different strike prices) and the same expiration date. A spread position is one where you are both the buyer and the writer (seller) of the same type of option, although strike price and expiry dates can be different.