Firstly, I am an options newbie. Assuming I wanted to play volatility on the NFLX earnings release. So today during market hours.. I was considering buying the AUg 17.50 calls for $1 premium and buying the Aug 15.00 puts for $.65 premium. Basically I would be buying slightly out of the money options on both sides.. now what is this strategy called ( strangle??) Also is there a free program that would calculate my theoretical return.. assuming I would plug in a random number as to where I thought the stock might jump after earnings release. So for example now NFLX is trading at 18.70 in after hours.. what would be the exact return?? Any help from option pro's would be helpful..