Multi-leg Option Strategy: Straddles and Strangles (Part 2) Recap: What are straddles and strangles option strategy? Straddles and strangles are options strategies that allow an investor to profit from big movement in a stock price, regardless of the direction of price movement. Both strategy requires BUYING an EQUAL NUMBER of PUT and CALL options with the SAME EXPIRATION DATE. The difference is that strangle strategy has two different strike prices, whereas straddle strategy has a common strike price. See previous post for Straddle discussion. When to use Strangle? Strangles are also used when there is a potential for the stock price to experience wide fluctuations and the trader is unable to determine which direction the stock price might go. However, the reason why traders choose stra