Straddle Strategy

A straddle is a strategy accomplished by holding an equal number of puts and calls with the same strike price and expiration dates.
A straddle is meant to take advantage of the market price change by exploiting increased volatility, regardless of which direction the market’s price moves.
For example, I am not sure BTC is going to go upwards or downwards in the coming days. But I expect the movement will be big. I can buy a straddle from FinNexus options platform.
Suppose I buy a call and a put together with the strike price $19000. If the market moves up, the call is there; if the market moves down, the put is there. It may cost me like 500 USD in total. If the BTC rises above 19500, or fall below 18500, I will end up in profit.
What is more beneficial is that I can exercise the options and collect the profit anytime before they go expired.
This is a typical straddle strategy.

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Thank you Ryan. I read this yesterday in the community chat and it was very helpful.

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A short video explaining a straddle strategy in traditional finance.