(Source: businessfinancenews.com) GoPro's (GPRO) shares are falling, investors are losing money. The stock has lost over 18% since its earnings call last week: $GPRO, GoPro, Inc. / 60 Whether you are a long-term or a short-term trader, there are always opportunities on the market. This is especially true with options strategies. Since the stock has shown a lot of volatility, its options have become quite expensive, which is why it is highly beneficial to exploit strategies aimed at selling options. I have chosen three strategies that can help investors earn returns no matter if they are bullish, bearish, or have non-directional views on GoPro's shares. Strategy #1: Sell Covered Straddles If You Are Bullish On The Stock If you think that the turmoil in GoPro's shares is short-lived, you can earn an extra return by selling straddles, while owning the stock. I like the one-week options expiring next Friday: (Source: optionsprofitcalculator.com) The risk-return matrix is given below: (Source: optionsprofitcalculator.com) With this trade you can earn an 11% return in just one week (a 79% annualized return)! In order to hedge the downside, you can buy puts with a lower strike price. For example, the $8 put has a price of about $0.11. This means that the hedged return is around 10%, while the minimum return here is over 4% (take the cost of the straddle and subtract the cost of the protective put and the distance between the current price and the put's strike price). Of course, the downside risk of the stock remains unhedged. On the other hand, if you are already a holder of GoPro's stock, you are already accepting the downside exposure. This is my favorite strategy on the list. Strategy #2: Initiate An Iron Condor Position If You Think The Stock Won't Move A Lot If you think that GoPro's shares will not move by over 6% in either direction next week, go ahead and selling the one-week straddle and hedge your exposure with a strangle (this is effectively called the "iron condor strategy"): (Source: optionsprofitcalculator.com) The risk-return matrix is given below: (Source: optionsprofitcalculator.com) This trade effectively offers a 1:1.2 risk-return opportunity. With this trade, you can earn at least $54 or lose $46 per contract (remember that the minimum trade size is one options contract, or 100 shares), fees and taxes excluded. I personally think that GoPro's shares will move a lot more than 6% in either direction next week. Hence, doing just the opposite may also be a viable strategy. Strategy #3: Sell A Butterfly If You Think GoPro Will Move Drastically In case you think volatility will persist in GoPro's shares, go ahead and sell a call (put) butterfly. To do this, you would have to sell an in-the-money call option, buy two at-the-money call options, and sell an out-of-money call option: (Source: optionsprofitcalculator.com) Alternatively, you can do the same with puts. The risk-return matrix looks as follows: (Source: optionsprofitcalculator.com) As long as the stock moves in either direction by 9%, you will earn $25 per contract, fees and taxes excluded. The maximum risk here is $75 per contract, if the stock ends up costing $8.50 next Friday. Consequently, the risk-return ratio is rather unfavorable (approximately 1:3). On the other hand, this trade is unique because it provides a credit balance, while also exposing the trader to volatility. Personally, this is the least interesting trade to me. I checked the numbers for the opposite trade (buying the butterfly) and realized it was unprofitable due to high spreads in in-the-money calls. What do you think of these trades?