Options combining strategy in which one call and one put option both with the same expiration date but different strike prices on the same underlying asset are either purchased (called 'long strangle') or sold (called 'short strangle'). Although this combinations of options is exercised usually as a unit, each option may be exercised separately. Its payoff, like that of a straddle, depends on the changes in the volatility of the underlying asset's price but requires greater price movement.