Strangle
Long strangle, poor-man’s straddle. Neutral position. It is a combination involving an equal number of out-of-the-money (OTM) long puts and long calls with the same expiration date. It is a debit combination, which means you must pay to put on the position. The strategy profits when the price of the underlying security moves up or down beyond the breakeven points.
![image post](/posts/en/2017/01/27/strangle_exp-pnl-1024x576.png)