My personal favorite is the Iron Condor which is made by using a bear call spread and bull put spread.

With the Iron condor we are looking to sell time and volatility. We look to sell options with a > 75% chance of expiring worthless. The Options Probability Calculator will help you determine which options have a > 75% chance of expiring worthless.

In the coming weeks I will be releasing my report of how I trade Iron Condors. It is an eight step check list for opening and closing the spreads each month.

Let me know if you would like a copy.