The Strap strangle is an unlimited profit, limited risk strategy that is taken when the options trader thinks that the underlying stock will experience significant volatility in the near term. Long strangles are debit spreads as a net debit is taken to enter the trade.

The Strap strangle is a more bullish options strategy that involves the buying of slightly out-of-the-money put and more of a slightly out-of-the-money call of the same underlying stock and expiration date.

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