A short straddle is an advanced options strategy used when a trader is seeking to profit from an underlying stock trading in a narrow range. To execute the strategy, a trader would sell a call and a put with the following conditions: More News from Barchart Both options must use the same underlying stock Both options must have the same expiration Both options must have the same strike price Since it involves having to sell both a call and a put, the trader gets to collect two premiums up-front, ...