What is strangle?Strangle
Buying (or selling) an out-of-the-money put and call at two separate strikes; cheaper than a straddle but needs a bigger move.
Animation · strangle
Learn “strangle” in an animated lesson
Related terms
See how “strangle” works for yourself with an animation you can drag and play.
Go to “Straddles and Strangles: Betting on a Big Move”