text: Here are two sites with some option strategies you can study:\nhttp://www.888options.com/strategy/default.jsp\nhttp://www.poweropt.com/strategymenu.asp\n\nI don't know what you mean by  "protect the money invested". Trading options is speculative. There is no guaranteed 100% win strategy. What is important is money management and preservation of capital, so that you can trade again, after a lost trade.