What is Straddle Spread? This strategy involves buying a call option and a put option with the same strike price and expiration date. This strategy is used when the trader expects a large move in the underlying security but is not sure which direction the move will be in. Related articles What is Strangle Spread? What is Structural Dealer Positioning? What is Gamma (Options Greeks)? What is Volatility Skew? What is Short Skew?