Do you know that there are option strategy that can gives you monthly income? The income will be generated when you sell call option or sell put option. The best option strategy for income in my opinion is selling naked puts. It is called naked put because there is no position in underlying asset / stock. If you think about it for a while, you might feel that it is very dangerous because you could lose a lot of money when the underlying stock drops a lot. The potential loss is unlimited if the stock eventually falls to zero. But this is not entirely true, it is safe when you know what you are doing.
According to Lee Lowell who is one of America's leading options professionals selling naked puts is one way to get rich from option. It is written in his book about option trading "Get Rich with Options".
Selling naked put is used when you want to buy a stock, but you think that current price is too high. By writing a put option, you will get a premium. If someday the stock price rise, you will keep the premium as profit. If the stock drop, that means you can buy the stock that you want at lower strike price.
The key of this strategy is knowing the price at which you want to buy the stock. In other word, you want to buy stock at a cheaper price than it is now. Here's what I like to do with this strategy, I look for stocks that just rise because of good news like good earning result. Since I want to buy the stock at lower price I write a put option at lower strike price. I got nothing to lose.
So there you go, the best option strategy for income is selling naked put.