A put spread, or vertical spread, can be used in a volatile market to leverage anticipated stock movement, while also providing limited risk.

• Purchasing a put with a higher strike price than the written put provides a bearish strategy
• Purchasing a put with a lower strike price than the written put provides a bullish strategy

A Poor Man's Covered Call (PMCC), or Synthetic Covered Call, is used to generate regular income as per the standard Covered Call, but instead of purchasing 100 shares of stock, a Deep ITM Call (which is often a long-dated LEAP) is bought.

• Purchase a deep ITM long-dated Call
• Write/sell a nearer-dated near-the-money Call