A combination of a long position in a strip and a long position in a strap for the same strike and maturity (and with similar but opposite proportions of calls and puts)is similar to:

Question

Quizplus · Accepted Answer

It is a position in a number of straddles depending on how many puts and calls form the strip and strap.Since they are individually asymmetric,but mirror images of each other,adding them up results in a symmetric number of puts and calls,i.e. ,a certain number of straddles.

A Combination of a Long Position in a Strip and a Long