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Long strangle[ edit ] Payoffs of buying a strangle spread.

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The long strangle involves going long buying both a call option and a put option of the same underlying security. Like a straddle opțiuni lungi, the options expire at the same time, but unlike a straddle, the options have different strike prices.

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A strangle can be less expensive than a straddle if the strike prices are out-of-the-money. If the strike prices are in-the-money, the spread is called a gut spread.

The owner of a long strangle makes a profit if the underlying price moves far enough away from the current price, opțiuni lungi above or below. Thus, an investor may take a long strangle position if he thinks the underlying security is highly volatilebut does not know which direction it is going to move.

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This position is opțiuni lungi limited risk, since the most a purchaser may lose is the cost of both options. At the same time, there is unlimited profit potential. The strike price for the call and put contracts must be, respectively, above and below the current price of the underlying.

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The assumption of the investor the person selling the option is that, for the duration of opțiuni lungi contract, the price of the underlying will remain below the call and above the put strike price.

If the investor's assumption is correct the party purchasing the option has opțiuni lungi advantage in exercising the contracts so they expire worthless.

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This expiration condition frees the investor from any contractual obligations and the money the premium he or she received at the time of the sale becomes profit.

Importantly, if the investor's assumptions against volatility are incorrect the strangle strategy leads to modest or unlimited loss.

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