The strongly anisotropic properties of phosphorene makes it an attractive material for applications in deciding the specific direction for different purposes. Here we have particularly reported the competition between strain and electric field stimuli in evaluating the band gap and electron energy loss spectrum (EELS) of single-layer black phosphorus using the tight-binding method and the Kubo conductivity. We construct possible configurations for this competition and evaluate the interband optical excitations considering the corresponding band gap variations. The band gap increases with the individual electric field, while it increases (decreases) with tensile (compressive) uniaxial in-plane strain. Contrary to the in-plane strains, the uniaxial out-of-plane strain shows a critical strain at which the system suffers from a phase transition. Furthermore, the presence of these stimuli simultaneously results in an extraordinary band gap engineering. Based on the EELS response in the electromagnetic spectrum, the armchair (zigzag) direction is classified into the infrared and visible (ultraviolet) region. We report that the electric field gives rise to the blue shift in the interband optical transitions along the armchair direction, while the compressive/tensile (tensile/compressive) in-plane/out-of-plane strain provides a red (blue) shift. Moreover, we observe an inverse behavior of EELS response to the individual and combined effects of electric field and strains compared to the band gap behavior except at critical out-of-plane strain for which the physical theory of interband excitation is simply violated. Our results provide a new perspective on the applicability of phosphorene in stimulated optical applications.