A bull (also called call spread) comprises a long call at one strike price and a short call at a higher strike price. Both options are for the same expiration. A call spread is an inexpensive alternative to simply buying a call. It has limited upside potential, but income from selling the high-strike call offsets the cost of purchasing the low-strike call.
A ratio call spread or a ratio put spread is said to be long or short if it is net long options or net short options. For example, the spread in Exhibit 8 is a short ratio call spread.
An strangle is similar to a straddle, but both options are struck out of the money. For this reason, a long strangle is cheaper than a long straddle, but it requires a larger move in the underlier to be profitable.
A long (short) wrangle is long (short) both a ratio call spread and a ratio put spread. For example, puts might be struck at 90 and 100 with calls struck at 100 and 110.
A collar (or fence) is a spread comprising a long (short) call and a short (long) put, both out-of-the-money and for the same expiration. The strikes can be chosen so that the purchase (sale) price of the call exactly offsets the sale (purchase) price of the put so the spread is a costless collar.
A cartwheel is long (short) a ratio call spread and short (long) a ratio put spread.
A calendar is a long-short position is two calls or two puts. Both options have the same strike, but they have different expirations..