Future is uncertain, nobody can predict the future and risk in the business or by investors in the stock exchange market are not predicted by them appropriately. Corporate risk management has over a period of time developed various risk management tools, which can futures, forwards, Options and swaps. In this Book options which gives buyer right but not an obligation to sell or buy the product is used to hedge or minimize the risk. Different types of strategies such as calendar, Butterfly and condor are discussed in detail, which would not only help the investor to hedge the risk but also to earn profits. The Index Derivatives on the popular benchmark S&P CNX Nifty Index in 2000, the National Stock Exchange of India Limited (NSE) today have moved ahead with a varied product offering in equity derivatives. The Exchange currently provides trading in Futures and Options contracts on 5 major indices and in more than 200 securities is also discussed. This book is helpful to investors to learn not only how to mitigate the derivatives market risk, but also how to increase their returns.