An option straddle is the simultaneous purchase (or sale) of both a put and a call option on the same underlying security.

Name: An option straddle is the simultaneous purchase (or sale) of both a put and a call option on the same underlying security.
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An option straddle involves buying or selling both a call and a put option on the same underlying security, with the same strike price and expiration date, allowing investors to bet on the volatility of the security's price.

An Option Straddle Is the Simultaneous Purchase (Or Sale) of Both