Trade the following stock option spreads. You can either long or short each spread. Record what contracts you traded, the prices, whether you bought/sold them, and ultimately whether you are long/short the underlying stock or the stock's volatility. Upload this to dropbox. We'll close out of the trades next week and record our profit/loss.
Make sure you use a different underlying stock for each spread trade. Lastly, pay attention to the bid/ask (and the volume of trading) in your options. You generally don't want to trade very illiquid options.
1. Trade a butterfly spread.
2. Trade one of the following: bull call, bear call, bull put, or bear put spread.
3. Trade a straddle.
4. Trade a covered call.
5. Trade a protective put.