The purpose of this thesis aims that common investors are expected to apply three kinds of active portfolio management without complex mathematical numeration to reduce investment risk or loss to get profits on Taiwan stock exchange capitalization weighted stock index options market. They are Constant Portion Portfolio Insurance Strategy (named CPPI), Time-Invariant Portfolio Protection (named TIPP) and Constant Mix Strategy (named CMS). The active managements adopt bull and bear spread as an adjustment of risk positions on the option market. Five research results are as followings: 1. The performance of the portfolio managements as Constant Portion Portfolio Insurance Strategy and Time - Invariant Portfolio Protection is better than that of the management as Constant Mix Strategy. And Floor value of the portfolio management as Time - Invariant Portfolio Protection exceeds that of the portfolio management as Constant Portion Portfolio Insurance Strategy. 2. Due to the regulation of margin system by Taiwan Future Exchange, the positions of Bull Call Spread and Bear Put Spread can be greater than ones of Bull Put Spread and Bear Call Spread. 3. The more differences between two strike prices on the spread option means to be able to get more profit opportunities. 4. Greater multiplier number and profit have inverse relationship. That only occurs on portfolio managements in Constant Portion Portfolio Insurance Strategy and Time - Invariant Portfolio Protection. 5. Setting upper and low limitation of single return rate for offsetting will have better performance than no limitations for the managements in Constant Portion Portfolio Insurance Strategy and Time - Invariant Portfolio Protection.