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Strip Straddle

A Strip straddle is an options strategy comprised of buying both a ATM call option and double the ATM put option with the same strike price and expiration date. It is used when the trader believes the underlying asset will move significantly higher or lower over the lives of the options contracts. The maximum loss is the amount of premium collected by buying the options. The maximum profit can be unlimited if the stock moves sharply in either of the direction.
Strip Straddle - MarketXLS

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