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Strangle
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A combination of a short put and a short call or a long put and a long call on the same underlying security, usually with the same expiration date and different strike prices. If both options are out of the money, the position is often called a surf and turf. If both options are in the money, an alternate name is mambo combo. See Combination Option, Mambo Combo (diagram), Spraddle (diagram), Spread (7).
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