This document discusses a study on using options strategies around events to maximize profits and hedge risk. It analyzes the effectiveness of bullish, bearish, and neutral strategies around four Indian events: the Union Budget announcement, RBI monetary policy review, and the annual results of Reliance Industries and Punjab National Bank. The study found that strike prices and option premium levels significantly impact strategy profits. Certain strategies like long calls, protective puts, and bull call spreads produced profits related to the events. Overall, the document suggests options can be effective tools for speculating on stock price movements around news and announcements.