You have about $500,000 to invest in 8 different option strategies.

You can use some of the money for speculation purposes, (buying or selling naked options) and hoping to enhance your overall portfolio performance. You also can use the rest of the money for hedging purposes.

Please use real pricing and describe as many details as possible your reasoning for the amount of allocation, risk and expected return of each individual trade strategy.

• Naked call
• Naked put
• Covered call
• Covered put
• Selling naked call
• Selling naked put
• Straddles
• Strangles
• Spreads