So many formulas - Bear Call Spreat, Long Straddle etc. Do we really need to know all these formulas on d-day?

If you know the formula for basic options (call, put) then you can start to think about the combinations and it will actually come easilyâ€¦eventually.

thinking about payoff profiles will help remember the formulas.

I felt that it was easier to remember the strategy. Once you know the strategy you can easily create the profit or breakeven formulas, if you know the basic put and call formulas as mwvt9 said

I am able to answer most of the options questions intuituvely. I am concerned though that I dont write out the formulas in the same way CFA do for an answer. For exmplle I will normally caculate the intrinsic value and premium cost of an option and sum them to get its value. Once I have done this for each leg of the strategy I sum them to get the answer. This is fast and accurate. Will I be penalised if I get the correct answer without using the same notation?