What is the definition of a straddle in stock option?

Investingport understands a straddle in stock option as a way for an investor to take a wining and a losing position in a stock option at the same time.  This means the investor buys a call and a put position in the same stock. As a result, investors reduced his or her risk. 

 straddle is a neutral options strategy that involves simultaneously buying both a put option and a call option for the underlying security with the same strike price and the same expiration date.

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