This is a list of option strategies which have positive vega (they profit as implied volatility rises):
- Bear Call Ladder (also Short Call Ladder)
- Bull Put Ladder (also Short Put Ladder)
- Call Ratio Backspread
- Double Calendar Spread
- Double Diagonal Spread
- Long Calendar Call Spread (also Calendar Call Spread)
- Long Calendar Put Spread (also Calendar Put Spread)
- Long Call
- Long Call Synthetic Straddle (also Synthetic Straddle)
- Long Call Synthetic Strangle (also Synthetic Strangle)
- Long Diagonal Call Spread (also Diagonal Call Spread)
- Long Diagonal Put Spread (also Diagonal Put Spread)
- Long Guts (also Guts)
- Long Put
- Long Put Synthetic Straddle
- Long Put Synthetic Strangle
- Long Straddle (also Straddle)
- Long Strangle (also Strangle)
- Protective Call (also Married Call)
- Protective Put (also Married Put)
- Put Ratio Backspread
- Reverse Iron Butterfly
- Reverse Iron Condor
- Short Call Butterfly
- Short Call Condor
- Short Put Butterfly
- Short Put Condor
- Strap
- Strip
- Synthetic Long Call (also Synthetic Call)
- Synthetic Long Put (also Synthetic Put)
See also option strategies with negative vega and vega neutral option strategies.
Positive Vega vs. Theta and Gamma
You may notice that most of the strategies on this list also have negative theta (they lose with passing time) and positive gamma (their profits accelerate and losses slow down when underlying price moves). These Greek exposures generally go hand-in-hand for strategies where all options have the same expiration date.
However, strategies which involve multiple expirations, such as long calendar and diagonal spreads, can have positive vega and positive theta (and negative gamma) at the same time. This is because options with longer time to expiration tend to be more sensitive to implied volatility changes, but at the same time their time value decays slower compared to options nearer to expiration (it always depends on the particular strikes and moneyness, though).