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