Limited Risk Option trading strategies

What are the most used limited Risk Option Strategies ?

Below are the Limited Risk Option trading strategies with links for most famous ones of all on Quick Hack.

How to make a Trade on Options based on Trading day

Highest decay in Option premiums happen closer to the expiry.

For weekly options

1. On Start of weekly options say Friday and Monday you can look for buy strategies with limited risk and limited reward using the Option strategies like Bull Call spread etc.. based on market outlook. Or even long iron condor if you anticipate a huge movement on any side.  Long straddle and Long straddle can also be used.
2. On Towards end of Week that is Wednesday and Thursdays, time decay is on your side if you are going for Selling side. That said its better to go with limited risk and limited reward trading strategies like short iron condor, short iron butterfly.
3. Tuesdays in morning parts can be opted for buying strategies and towards end if needed only Sell side strategies.

Theta decay is less on Friday and Monday are good opportunities to be on buy side like Bull call spreads or Bear Put spreads with limited profit and limited loss. Here the risk is defined.

With time decay aggressive towards weekend its better for Sell side strategies like short iron condor or short iron butterfly to gain from theta decay which can even compensate for any Delta loss due to price movements.