<p>A <a href="https://unusualwhales.com/option-strategies/long-strangle">Long Strangle</a> is an options strategy in which a trader speculates on a large increase or decrease in stock price, and large increase in volatility. To open a Long Strangle, a trader pays a premium to buy one out of the money put and one out of the money call simultaneously, of the same expiration date but different strikes. The goal of this strategy is to capitalize on a large upward or downward movement on the underlying stock. The max loss on this strategy is the cost of entry; that is, if both contracts purchased go to $0, the max loss is whatever premium was paid to open the position. The max profit is hypothetically infinite, as the Call contract can hypothetically keep rising until it expires as the stock price rises, while the Put contract can only go to $0.&nbsp;</p><h2>Related Articles</h2><ul><li><a href="https://unusualwhales.com/information/what-are-greeks">What are Greeks?</a></li><li><a href="https://unusualwhales.com/information/what-is-a-long-straddle">What is a Long Straddle?</a></li><li><a href="https://unusualwhales.com/information/a-deeper-look-at-long-straddles">A Deeper Look at Long Straddles</a></li><li><a href="https://unusualwhales.com/information/what-is-a-spread">What is a Spread?</a></li><li><a href="https://unusualwhales.com/information/what-is-a-protective-call">What is a Protective Call?</a></li></ul>

This article covers the Long Strangle option strategy, how to build one, and what the goals of the strategy are

What is a Long Strangle?

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Theoretical Value

Book Value

Market Capitalization (Market Cap)

Mutual Fund

Par Value

Volatility Index (VIX)

Price-to-Earnings Ratio

Yield Curve

Value Stock

Treasury Note (T-Note)

Treasury Bond (T-Bond)

Treasury Bill (T-Bill)

Stock Split

Short Selling

Short Interest

Risk Tolerance

Revenue

Recession

Synthetic Short

Synthetic Long

Synthetic Position

Over-the-Counter (OTC) Market

Money Market Fund (MMF)

Stop Order

Market Order

Limit Order

Interest Rate Risk

Periscope FAQ

How To Interpret Periscope Net Gamma Exposure

Quick Custom Alert Presets

Institutional Investor

Retail Investor

IPO (Initial Public Offering)

Hedge Fund

Growth Stock

Futures Contract

Fundamental Analysis

Technical Analysis

Float

Short Squeeze

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