Buying A Call And A Put | At The Same Strike

You buy one call and one put with identical strikes (usually "at-the-money") and the same expiration date.

Profit from a major price swing or a surge in market volatility. buying a call and a put at the same strike

Theoretically unlimited on the upside; substantial on the downside (capped only when the stock hits zero). You buy one call and one put with

Limited to the total premiums paid for both options. buying a call and a put at the same strike