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Strangle
A strategy that combines the simultaneous purchase or sale of the same number of generally out-of-the-money call options and put options with the same features as regards the underlying and the expiration date, but with different exercise prices.
(1) The trader in a long position is betting on the price of the underlying being very volatile, regardless of the direction of price movement, beyond a relatively broad price range between the two exercise prices, whereas the trader in a short position is betting on price stability within that price range.
(2) A strangle is generally less expensive to purchase than a straddle because both options are out of the money, but the buyer makes a profit only if the price of the underlying fluctuates significantly.