In this lesson, we delve into more advanced trading strategies.

1. **Iron Condor**: This is a strategy that involves four options with the same expiration date but different strike prices. It’s a combination of a bear call spread and a bull put spread. The goal is to profit from low volatility in the underlying asset. The maximum profit is the net premium received, and the maximum loss is the difference between the strike prices minus the net premium received. 

2. **Calendar Spread (or Time Spread)**: This involves buying and selling two options of the same type (calls or puts), same underlying asset, same strike price, but with different expiration dates. It profits from the difference in time decay between the two options.

3. **Diagonal Spread**: This strategy is a combination of horizontal and vertical spreads. It involves two options of the same type, same underlying asset, but with different strike prices and expiration dates. It profits from differences in time decay and changes in implied volatility.

Each of these strategies has its own risk/reward profile and suitability for different market conditions.

– Reference: [Investopedia: Iron Condor](https://www.investopedia.com/terms/i/ironcondor.asp), [Investopedia: Calendar Spread](https://www.investopedia.com/terms/c/calendarspread.asp), [Investopedia: Diagonal Spread](https://www.investopedia.com/terms/d/diagonalspread.asp)