This Master's thesis deals with research of option strategies, with the aim to demonstrate in detail how to construct simple and complex strategies, and to define their essential characteristics with regard to investors’ expectations pertaining to future movements in prices of underlying assets, which directly reflect on the profit potential. Given the complexity of the topic, the sources used most extensively were the secondary sources of data and information, as well as technical literature such as books, scientific papers and magazines dealing with options and option trading strategies. Data from relevant internet sources was also used. Options are derivative financial instruments traded on both standard and OTC stock exchanges. Their specificity and popularity is reflected through the creation of various strategies based on the four basic positions. Option strategies represent an individualized manner of using options when making investments, i.e. they provide investors with the possibility of speculating, limiting risks, arbitrating and position structuring, in accordance with their own preferences and risk appetite. Simple option strategies are riskier forms of trade, because where there is potential for limitless profits, there is also potential for limitless losses. Unlike simple strategies, complex strategies are less risk-ridden forms of option trade, since the investor limits the risk in advance by taking additional positions. Prerequisite for option trade is in-depth and specialized knowledge of the techniques of trading in the options market and willingness to conduct fundamental and technical analyses of movements in prices of underlying assets. In addition to presentation of optional strategies in general, the thesis includes concrete strategies designed on the Chicago Board Options Exchange with the help of the currently most used, highest quality tools for virtual trade.