When a straddle is too expensive, or you want to risk less money, strangles are usually a viable alternative.
The strangle entails buying puts and calls with strike prices above and below the associated security's price. Well, the strangle didn't offer big savings compared with the straddle. This shows that the options market expects stocks to make a sharp move, up or down, during earnings season—and the move is priced into both put and call prices."
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