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A Long Straddle with a bearish tilt: buy one call and two puts at the same strike, instead of one of each. It still profits from a big move in either direction, but rewards a downward move more than an equal-sized upward one.

A Strip combines buying one call and buying two puts, all at the same strike and expiry — the exact mirror of a Strap, tilted bearish instead of bullish. It's a directional lean layered onto a straddle, reflecting a view that a big move is more likely to be downward.

The extra put is what creates the bearish tilt — below the strike, profit grows twice as fast per point as it would with a plain Long Straddle, while above the strike, the single call behaves exactly as it would in an ordinary straddle.

The mirror image of a Strap's asymmetric V, tilted toward the downside:

1. Near the strike — maximum loss, the full debit paid.
2. Above the strike — profit grows at the same rate a plain Long Straddle's call side would, once past the breakeven.
3. Below the strike — profit grows twice as fast, once past the (closer) lower breakeven.

A Strip fits a view that a large move is likely, and more likely to be downward than upward — the bearish counterpart to a Strap's bullish lean. It costs more than a plain Long Straddle (an extra put's premium), reflecting the added downside leverage.

Suppose Nifty is trading at 24,000 with a weekly expiry coming up, and lot size is 65. You expect a big move, more likely down than up.

1. Confirm the setup. You expect a significant move in Nifty, with more conviction on the downside.
2. Buy 1 call at the 24,000 strike, paying a premium of 145.
3. Buy 2 puts at the same 24,000 strike, paying a premium of 140 each — 280 total.
4. Calculate the net debit: 145 + 280 = 425 points, or ₹27,625 at this lot size — your maximum possible loss.
5. Calculate the breakevens: 24,000 − (425 ÷ 2) = 23,788 on the downside, and 24,000 + 425 = 24,425 on the upside — notice the lower one is much closer.
6. Hold the position while waiting to see how large a move actually happens.
7. See how it resolves at expiry:
   • Nifty finishes at 24,000 → both legs near worthless, you lose close to the full ₹27,625 debit.
   • Nifty finishes at 23,788 → you exactly break even, needing a much smaller move than on the upside.
   • Nifty finishes at 23,000 → profit is 2 × (24,000−23,000) − the call's loss, growing fast on the downside.

Quick reference for the same trade:

Based on the worked example above. Notice the line falls more steeply on the left side than it climbs on the right — the mirror image of a Strap's shape. Move the cursor over the chart to see profit/loss at any price.

• Costs more than a plain Long Straddle, reflecting the extra put.
• Time decay works against this position, same as any long options structure.
• If the big move happens upward instead of down, you're still exposed roughly like a plain straddle would be.
• Index options on NSE are typically European-style and cash-settled — settled automatically at expiry.