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Options strategies are popular for their versatility. They suit investors of all temperaments - conservative and aggressive - and can be applied in all sorts of market conditions.
Even Warren Buffett, one of the most conservative investors, has used options to increase his returns. Some of his favourite strategies are known to be the 'Covered Call' strategy and the 'Cash Secured Put' strategy.
Some options strategies (such as the 'Broken Wing Butterfly') are so remarkable that they can give an 8x return on capital while putting only 1x at risk.
Nithin Kamath of Zerodha and other experts have explained how the strategies can significantly lower the risk and increase the odds of winning.