The Strangle is a neutral options strategy that involves simultaneously buying (in case of a Long Strangle) or a selling (in case of a Short Strangle) an OTM Put and a OTM Call at different strike prices, same expiration date and on the same underlying security.
STRATEGY BIAS: Neutral
STRIKE PRICES: Different
EXPIRATION DATE: Same
UNDERLYING SECURITY: Same
Long Strangle risk graph
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Short Strangle risk graph
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