Option investment strategy refers to the approach and tactics used by investors to maximize their returns or hedge their risks while trading options. Options are financial instruments that give the holder the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specified time period.

1. Covered Call Strategy: This strategy involves owning the underlying asset and selling call options against it. By doing so, investors receive premium income from selling the call options, which can offset potential losses if the price of the underlying asset decreases.

2. Protective Put Strategy: This strategy entails purchasing put options to protect against potential losses in the value of the underlying asset. If the price of the asset declines, the value of the put option increases, allowing the investor to sell the asset at a predetermined price.

3. Long Call Strategy: Investors implementing this strategy buy call options with the expectation that the price of the underlying asset will rise. If the asset\'s price exceeds the strike price of the call option, investors can exercise their right to buy the asset at a lower price and benefit from the price difference.

4. Long Put Strategy: This strategy involves purchasing put options when investors anticipate a decline in the value of the underlying asset. If the price of the asset drops below the strike price, investors can exercise their right to sell the asset at a higher price and profit from the price difference.

5. Straddle Strategy: This strategy involves simultaneously buying both a call option and a put option with the same strike price and expiration date. It is typically used when investors expect significant price volatility but are uncertain about the direction of the price movement. Profits can be made if the price moves significantly in either direction.

6. Strangle Strategy: Similar to the straddle strategy, the strangle strategy involves buying both a call option and a put option. However, the strike prices for the call and put options are different. This strategy is also employed when investors anticipate high volatility but are unsure about the direction of the price movement.

7. Butterfly Spread Strategy: This strategy involves combining both long and short call or put options at different strike prices. It aims to profit from low volatility and limited price movement in the underlying asset. The maximum profit is achieved when the price of the asset remains close to the middle strike price.

8. Iron Condor Strategy: This strategy combines both a bull put spread and a bear call spread. It is used when investors expect the price of the underlying asset to remain within a specific range. By selling options with different strike prices, investors can earn premium income while limiting potential losses.

These are just a few examples of option investment strategies used by investors. The choice of strategy depends on an investor\'s risk tolerance, market outlook, and investment goals. It is important to note that options trading carries risks, and investors should thoroughly understand the strategies and associated risks before implementing them.