Straddle vs Strangle: Break-Evens and Margin
Straddle vs strangle, compared on the four things most guides skip: break-even math, margin on the short side, probability of profit, and expected move.
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Expected Move From Implied Volatility
Expected move is price times IV times the square root of days over 365. See the formula, the straddle shortcut that matches it, and what realized moves did.