Options play an irreplaceable role in today's financial markets This article begins with an introduction to the meaning and rules of use of options, where a party who owns an option has the right, but not the obligation, to buy or try to sell an asset at a particular price on or before a specific date. As the price of the underlying changes, the option price changes along with it, providing an opportunity to hedge risk and speculate. In the face of different market conditions, this article proposes different options strategies that enable investors to choose the right combination of options to mitigate risk and get more returns under different circumstances. Maximize gains or minimize losses by taking advantage of the different properties of call and put options and the effects of the combination. Finally, this article draws conclusions on the characteristics of futures in risk management and the implications for investors or companies.