Strap (bullish straddle)
Big moveUnlimited profitLimited loss
Long straddle with 2 calls: wants a big move, leaning bullish.
Payoff at expiry — live BTC example
Net debit
$1,662
Max profit
Unlimited
Max loss
$1,662
Breakevens
75,938 / 78,431
Example legs (0.8 DTE front)
- Buy 2× 77,600 call
- Buy 77,600 put
Entry greeks (per 1 BTC notional): Δ 0.467 · Γ 0.6586 per 1% · vega $43.09/pt · theta $-1070.25/day
How it works
Two ATM calls plus one ATM put: double payoff on a rally, single on a crash.
When to use it
Event exposure with a bullish lean.
Risks & management
Same triple-premium bleed as the strip, mirrored.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.