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+CHAPTER 20 
+The Sale of a Straddle 
+Selling a straddle involves selling both a put and a call with the same terms. As with 
+any type of option sale, the straddle sale may be either covered or uncovered. Both 
+uses are fairly common. The covered sale of a straddle is very similar to the covered 
+call writing strategy and would generally appeal to the same type of investor. The 
+uncovered straddle write is more similar to ratio call writing, and is attractive to the 
+more aggressive strategist who is interested in selling large amounts of time premi­
+um in hopes of collecting larger profits if the underlying stock remains fairly stable. 
+THE COVERED STRADDLE WRITE 
+In this strategy, one owns the underlying stock and simultaneously writes a straddle 
+on that stock. This may be particularly appealing to investors who are already 
+involved in covered call writing. In reality, this position is not totally covered - only 
+the sale of the call is covered by the ownership of the stock. The sale of the put is 
+uncovered. However, the name "covered straddle" is generally used for this type of 
+position in order to distinguish it from the uncovered straddle write. 
+Example: XYZ is at 51 and an XYZ January 50 call is selling for 5 points while an XYZ 
+January 50 put is selling for 4 points. A covered straddle write would be established 
+by buying 100 shares of the underlying stock and simultaneously selling one put and 
+one call. The similarity between this position and a covered call writer's position 
+should be obvious. The covered straddle write is actually a covered write - long 100 
+shares of XYZ plus short one call - coupled with a naked put write. Since the naked 
+put write has already been shown to be equivalent to a covered call write, this posi­
+tion is quite similar to a 200-share covered call write. In fact, all the profit and loss 
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