"Straddle": Options speculation. A composite speculative deal in two options which results in profits from large changes in the underlying asset price, either up or down. The straddleâ€™s profit/loss profile is â€˜Vâ€™ shaped. It is also sometimes known as a bottom straddle or a long straddle. A long straddle is constructed by simultaneously buying a call option and a put option with identical strike prices. The opposite composite transaction - which is a mirror image of the â€˜Vâ€™ shaped long straddle - is known as a top straddle or a short straddle. This is the position taken by the seller of a conventional long straddle.