A straddle is two options, ae pudding, a call of the same strike, and a strangles, a putding, a call that a different strikes. So you basicly buy, like at the money put, and at the money call, you have no deltor exposure. You just have licke, a large vol exposure. If you want to buy, if you think that the value in options is more on the out of the money stuff than tha at the money stuff, then you might buy strangle. The second level would be that you know, you have different arm risks in a local or local sense,.

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