In Options Trading, What Is a Strategy That Similarly Combines Two Positions to Mitigate Risk?

A common options trading strategy that combines two positions to mitigate risk is a "vertical spread," such as a bull call spread or a bear put spread. These involve simultaneously buying one option and selling another of the same type but with a different strike price.

This limits both the potential profit and the potential loss, effectively creating a defined risk/reward profile. This is analogous to PoA combining PoW/PoS to define security/cost.