Straddles and strangles
You aren’t limited to trading a single option at a time. A straddle, for instance, involves simultaneously buying both a put and a call option on the same market, with the same strike price and expiry. By doing this you can profit from volatility, regardless of whether the underlying market moves up or down. But if no volatility occurs you’ll lose your premium.
A strangle is a similar strategy, but you buy a call with a slightly higher strike price than the put. This means that you need a larger price move to profit, but will typically pay less to open the trade because both options are purchased when out of the money.
And, of course, you can take the other side of both straddles and strangles – using short positions to profit from flat markets.