# Options Strategies

Toros offers automated options-based strategies built around [Toros Perpetual Options](/options-strategies/perpetual-options.md). These products span both sides of the options marketplace — income strategies for LPs (Covered Call, Short Volatility) and downside-protected leverage for traders (Protected Leveraged Tokens). All run without manual expiry or strike management.

| Ticker                                                                                 | Strategy                  | Market View                                            | Chain    |
| -------------------------------------------------------------------------------------- | ------------------------- | ------------------------------------------------------ | -------- |
| [BTCCOVCALL1X](https://toros.finance/vault/0x2fbadd08ade2e8a24cf1fe3a58fe918336b39a72) | Covered Call              | Income in range-bound to moderately bullish conditions | Arbitrum |
| [BTCBEARVOL1X](https://toros.finance/vault/0x8c068d7033d66c4aacab25ce8219e5688c60155f) | Short Volatility          | Range-bound volatility strategy                        | Arbitrum |
| [BTCBULLP1X](https://toros.finance/vault/0x8990f5e57a8e0b5cabb68d1cd5bd790a92e32f5c)   | Protected Leveraged Token | Leveraged upside with downside protection              | Arbitrum |
| [BTCBULLP2X](https://toros.finance/vault/0x99c917097d455d54f68a6b8e73095e30badddace)   | Protected Leveraged Token | Leveraged upside with downside protection              | Arbitrum |
| [BTCBULLP3X](https://toros.finance/vault/0x31481fa8e8802eacf1cfa3aabdd11be24fcc3476)   | Protected Leveraged Token | Leveraged upside with downside protection              | Arbitrum |

## Available Strategies

### Covered Call

An income strategy that turns BTC exposure into recurring cash flow through the Toros Covered Call LP. Best suited for range-bound or moderately bullish conditions, with full downside and capped upside.

[Learn more about Covered Call](/options-strategies/covered-call.md)

### Short Volatility

A volatility-focused strategy built for quieter BTC conditions. It combines the Toros Covered Call LP with an actively rebalanced BTC short on Aave to reduce directional exposure and focus on contained price action.

[Learn more about Short Volatility](/options-strategies/short-volatility.md)

### Protected Leveraged Tokens

An options-based strategy that combines leveraged upside exposure with downside protection. PLTs use Toros Perpetual Options to establish a protection floor — PLT holders pay ongoing funding and premium fees, while the Covered Call LP acts as counterparty. Available in 1x, 2x, and 3x Bitcoin leverage on Arbitrum.

[Learn more about Protected Leveraged Tokens](/leveraged-tokens/protected-leveraged-tokens.md)


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.toros.finance/products/options-strategies.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.