Strangle (long): A long strangle is a strategy, similar to a long straddle, that an investor might employ if they believe that an underlying asset will be particularly volatile.
Like the straddle, the long strangle allows the investor to profit on price movement of the underlying asset, regardless of whether the price moves up or down. In a long strangle the investor purchases a long call option and a long put option, but purchases them at different strike prices. The investor will make money as long as the underlying asset is trading at a strike price that is not between the strike prices of the options upon the date of expiration. This is a limited risk, unlimited profit potential strategy.
The most an investor can lose is the cost of the options, while the amount of money they can make is nearly unlimited.