> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/ithaca-app/trading/dynamic-option-strategies/straddles-and-strangles.md).

# Straddles & Strangles

## **Straddle**

A long straddle consists of simultaneously buying a call option and a put option with the same strike.

<figure><img src="/files/rUGF8Dm7LRHWHsoojaZ7" alt=""><figcaption></figcaption></figure>

## **Strangle**

<figure><img src="/files/kU0PNNN3Jdff4wQ0Zexz" alt=""><figcaption></figcaption></figure>

A long strangle consists of simultaneously buying a call option and a put option of different strikes; the default strangle loaded presents symmetric strikes approximately around spot.