Income generating option strategies is option strategies that makes money when you enter the position. The income is generated when you sell option, either selling put option or buying put option. Here are some strategies to consider:

• Selling naked puts. You will get income by selling put. This is a perfect strategy if you want to buy stocks at lower price. Selling naked puts is a bullish strategy.
• Covered Call. Covered Call is an options strategy where an investor holds a long position in an asset or stock and writes call options on the same asset. This strategy is used when investor has neutral to bullish overview of underlying stock. Although they believe it has bullish overview in long term, investor also believe it will only have limited price change during the contract life or short term. So to gain additional income they sell call option.
• Iron condor options. Iron Condor has minimal risk but higher probability of success. With Iron Condor, you don’t need to guess the direction of option or stock. This strategy is used when investor have a neutral outlook on stock. You will make money if the price don’t move much. It’s a good idea to implement this strategy on stock with low volatility, because their price tend not to move much. The bull put spread is implemented by selling an in-the-money put option (has higher price) and buying an out-of-the-money put option (has lower price) on the same underlying stock with the same expiration date. While the bear call spread strategy is implemented by selling an in-the-money call option (has higher price) and buying an out-of-the-money call option (has lower price) on the same underlying stock with the same expiration date. Both bull put spread and bear call spread has limited profit and risk.