Hedging stock positions when a correction is imminent or placing big bets in high odds situations. Anything else and your just a liquidity provider for the options market... The only time I would place options bets nowadays is shortly after crashes or at the ending areas of major corrections where the market range is over 50-150 points per three to five days. The kind of situations where you don't care to risk possibly getting stuck holding futures contracts as the market can 150 handles against you in a few days then 250 handles the other way.... When I think of people and options strategies it's like... "God, what a bunch of nerds..." The majority of options are sold by big firms on wall street to generate steady income. They have very advanced models... Stick with something simple that you actually have a good shot at... Futures, Forex, or Stocks... Unless you have a 97th+ percentile IQ and a good grasp of advanced math and statistics the long learning curve isn't worth it.