SPDR S&P 500 (SPY)

[nowwhat2]

I don't understand strangles (haven't researched 'em much tho)
On the surface they semm like a zero-sim game
If one side goes up then the other goes down - Presumedly by an equal amount.
Seems like STILL has to make a directional call - at some point or another.

You say that if you weren't busy you would've closed out your call at a better than worthless price.
Altho, it could have worked out that holding onto the call and closing out the put was the thing to do (had the mkt rebounded, which it didn't)
Did you KNOW that the mkt was going to continue down ?

Plus (one might ask) why the different strikes ?

No NEED to respond tho - since I understand it's complex - I am just puzzling out loud.


But thanks.