This is a list of delta neutral option strategies:

- Bear Call Ladder (also Short Call Ladder)
- Bear Put Ladder (also Long Put Ladder)
- Bull Call Ladder (also Long Call Ladder)
- Bull Put Ladder (also Short Put Ladder)
- Call Ratio Backspread
- Call Ratio Spread (also Ratio Call Spread, Bull Ratio Spread)
- Double Calendar Spread
- Double Diagonal Spread
- Iron Butterfly
- Iron Condor
- Long Box Spread (also Box Spread)
- Long Calendar Call Spread (also Calendar Call Spread)
- Long Calendar Put Spread (also Calendar Put Spread)
- Long Call Butterfly
- Long Call Condor
- Long Diagonal Call Spread (also Diagonal Call Spread)
- Long Diagonal Put Spread (also Diagonal Put Spread)
- Long Guts (also Guts)
- Long Put Butterfly
- Long Put Condor
- Long Straddle (also Straddle)
- Long Strangle (also Strangle)
- Put Ratio Backspread
- Put Ratio Spread (also Ratio Put Spread, Bear Ratio Spread)
- Reverse Iron Butterfly
- Reverse Iron Condor
- Short Box Spread
- Short Calendar Call Spread
- Short Calendar Put Spread
- Short Call Butterfly
- Short Call Condor
- Short Diagonal Call Spread
- Short Diagonal Put Spread
- Short Guts
- Short Put Butterfly
- Short Put Condor
- Short Straddle
- Short Strangle
- Synthetic Long Straddle
- Synthetic Short Straddle

*Delta neutral* means that total delta of the combined position is approximately zero.

Delta is one of option Greeks and measures how the value of an option (or combination of options) changes when underlying price moves. Positive delta means the option strategy profits when underlying price rises (and loses when underlying price falls), while negative delta means the opposite.

Delta neutrality means that the positionâ€™s value will not change much as underlying price moves, but it may change with other factors, such as volatility or passing time. Furthermore, delta itself can change as different factors change. As a result, even a position which has been set up as delta neutral can become more sensitive to underlying price later.