What is a 'Straddle' A straddle is an options strategy with which the investor holds a position in both a call and put with the same strike price and expiration date. This allows the investor to make a profit regardless of whether the price of the security goes up or down, assuming the stock price A straddle is an options strategy with which the investor holds a position in both a call and put with the same strike price and expiration date. This allows the investor to make a profit regardless of whether the price of the security goes up