Strategies

A strategy is two options booked and quoted as one product. A straddle buys a call and a put at one strike; a strangle buys them at two. The strategy is worth its options' sum and is quoted on the single vol that reprices them together, which is how a desk quotes it. The options are FX options on one pair or European swaptions in one currency.

Pages

Page	What it covers
straddle	an FX straddle and strangle; the one flat vol a strategy is quoted on; a swaption straddle at the forward; options of two strategies refused

Where next

The options themselves are on FX options and swaptions, and the ideas behind them on How FX products work and How rates products work.