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training_data/curated/text/45d543d10256825eb8277a6e87368f4636bbe9b38a20bf267e0100a6c648198b.txt

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+Short Strangle
+Definition : Selling one call and one put in the same option class, in the
+same expiration cycle, but with different strike prices. Typically, an OTM
+call and an OTM put are sold. A strangle in which an ITM call and an ITM
+put are sold is called a short guts strangle.
+A short strangle is a volatility-selling strategy, like the short straddle. But
+with the short strangle, the strikes are farther apart, leaving more room for
+error. With these types of strategies, movement is the enemy. Wiggle room
+is the important difference between the short-strangle and short-straddle
+strategies. Of course, the trade-off for a higher chance of success is lower
+option premium.
+Exhibit 15.10 shows the at-expiration diagram of a short strangle sold at
+1.00, using the same options as in the diagram for the long strangle.
+EXHIBIT 15.10 Short strangle at-expiration diagram.
+Note that if the underlying is between the two strike prices, the maximum
+gain of 1.00 is harvested. With the stock below $65 at expiration, the short
+put is ITM, with a +1.00 delta. If the stock price is below the lower
+breakeven of $64 (the put strike minus the premium), the trade is a loser.
+The lower the stock, the bigger the loss. If the underlying is above $75, the