The long strangle involves going long (buying) both a call option and a put option of the same underlying security. Like a straddle, the options expire at the same time, but unlike a straddle, the options have different strike prices.
A strangle is a good strategy if you think the underlying security will experience a large price movement in the near future but are unsure of the direction. However, it is profitable mainly if the asset does swing sharply in price.
The cost of a strangle can be lower than a straddle, as the options are OTM.
The example is just like the one in the straddle strategy, well with different strike prices.