A technique involving a long call and a short put, or a short call and a long put. This technique is also called a fence strategy.
See Also:
Combination: Any position involving both put and call options that is not a straddle.
Spread: A trade in which two related contracts/stocks/bonds/options are traded to exploit the relative difference in price change between the two. A trading strategy in which a trader offsets the purchase of one trading unit against another.
