> 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="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2Fkl1JWPSvM87NOv6Ztzoh%2Fimage.png?alt=media&amp;token=c83b6b9a-b3ce-4a32-bc6a-f923cd6a8346" alt=""><figcaption></figcaption></figure>

## **Strangle**

<figure><img src="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2Fi229YQeA0zpOmuhg2jzh%2Fimage.png?alt=media&amp;token=83258e3b-7fd0-47a6-8c4f-72ea5ee52c54" 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.