Replies to post #22969 on Options Wonderland

[3xBuBu]

buying call and put
at the same strike price with same expiration date called Straddle;
at the different strike prices but with the same maturity called Strangle.
#msg-24255776 Options Strategy: Straddles and Strangles

It is an art and need experience to play them well (luck too :)
you can have potential to loss all your money or make a ton.

Recent example to play GOOG Strangle: #msg-28639335
set up on 3-28-2008: #msg-28024472
PUT went from 12.7 to zero, but CALL went from 6.7 to 80's at OE (4-18-08) due to ER effect