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Covered calls are great to lock in some profits, imo. Or, if you want to limit your profit, you can write a call and use the $ to offset buying a put but now you're being ultra conservative and will make minimal $.
If you want to use options for speculation, I like strangles and straddles. All these guys talking about spreads sound fancy but in reality I don't think they come away with a ton of money. When you buy options you're either right or you're not. Writing an option to offset the purchase price of another option well, just makes you feel better about your loss but will also limit your gains.
Then there is the Warren Buffet style of how to use options. When Warren wants to buy stock he writes naked puts. You write the put at the price you are willing to live with on a stock even if it goes below. You collect the premium if the stock keeps going up. If it goes down, you get the stock at the price you want + collect premium.
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