 Such strategies include the short straddle, short strangle, ratio spreads, short condor, short butterfly, and short calendar.A typical option strategy involves the purchase / selling of at least 2-3 different options (with different strikes and / or time to expiry), and the value of such portfolio may change in a very complex way.One very useful way to analyze and understand the behavior of a certain option strategy is by drawing its Profit / Loss graph.