An Option Straddle is the 1st put and call option from the strike price. An Option Strangle is further out options on both sides equally such as 2 to 4 strikes out of the money. I'm no option expert and most of them expire worthless overall according to statistics. But if you can find a market that is often volatile with big moves but is "presently very quite in a tight range" with no one paying any attention to it then you can buy a Strangle cheaply as the premium is low as no one wants them with no volatility. Then when that market wakes up and moves again like it has in the past the options go crazy often both sides. I've posted a few of those charts in the past that worked out well. Haven't been looking for them for awhile now. It's one of the very few strategies using OTM options that can pay off big time. Most of the time OTM options are not much better than lottery tickets. But once a market goes crazy up or down option sellers cover their a$$ well and get top bucks for their options they sell and know what the odds of them making the buyer money. Odds are usually not good and are priced that way. If you were an Option seller you'd do the same. So it takes a big move in a particular time frame to clear the premium paid plus turn that purchased option into a profit.