I'm green to the options world. I've been playing around with a virtual trader for a week now, just buying puts and calls. I am curious about the concept of strangles and straddles. Straddle: A position consisting of a long (short) call and a long (short) put, where both options have the same strike price and expiration date. Strangle: A position that consists of a long OTM (short) call and a long OTM (short) put where both options have the same underlying, the same expiration date, but different strike prices. When is it best to use a straddle and when is it best to use a strangle? Can someone give me an example of each using goog as an example (the stock im most famaliar with). Thanks.