This position is a non-directional play consisting of long stock and ratio puts.  Enough puts should be purchased to bring the position to delta neutral.  This is a volatility strategy and should ideally be placed in a period of low volatility with an anticipation of increased volatility.  The position is a limited risk, unlimited reward play.  It is more expensive than a traditional straddle, however, because stock is used to optimize the bullish side of the strategy, it reduces the negative effect of time decay and volatility that would normally be present if we used long calls.

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