A "strangle" is an options trading strategy that involves buying both a call option and a put option for the same underlying asset, with the same expiration date but different strike prices. This strategy is used when a trader expects significant price movement in the asset but is uncertain about the direction of that movement. The goal of a strangle is to profit from volatility. If the asset's price moves significantly above the call option's strike price or below the put option's strike price, the trader can potentially make a profit. However, if the price remains stable, the trader may incur losses from the premiums paid for the options.