It's really simple. If you think the market is going to go up, buy some shares. If it goes up a bit, sell some calls off those shares. If it goes WAY up, buy some puts.

If you think the market is going to go down a bit, sell some puts. If it keeps going down, sell some calls off the shares you were assigned. If it goes WAY down, buy some calls.

Surefire recipe to sometimes make money and sometimes lose money.