# 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.


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