Profit from a major price swing or a surge in market volatility.
Buying a call and a put at the same strike price and expiration date is called a . This is a "market-neutral" strategy, meaning you don't care if the price goes up or down, as long as it moves significantly. Strategy Overview
Limited to the total premiums paid for both options.
You buy one call and one put with identical strikes (usually "at-the-money") and the same expiration date.