The following are option strategies based on the straddle position (call option and put option with the same strike and expiration) - plain long or short straddle and their modifications:
- Covered Short Straddle
- Long Straddle (also Straddle)
- Short Straddle
- Strap
- Strip
A similar kind of option position is the strangle, where the call and the put have different strikes - see Option Strangle Strategies.