🛡️🔁 Double-Sided Protection Stock Strategies

These strategies provide protection against both upward and downward price movement. They’re useful in uncertain or highly volatile markets where risk exists in both directions.

1. Long Straddle

Structure: Buy a call and a put at the same strike and expiration.
Protection Side: Both up and down.
Best Used When: Expecting major volatility but unsure of direction.

2. Long Strangle

Structure: Buy an OTM call and an OTM put with same expiration.
Protection Side: Both up and down, with lower cost than straddle.
Best Used When: Expecting strong move in either direction, with reduced premium cost.

3. Reverse Iron Condor

Structure: Buy an OTM call and put, sell further OTM call and put.
Protection Side: Both up and down, with limited risk and reward.
Best Used When: Expecting breakout beyond defined range.

4. Synthetic Long Straddle

Structure: Long stock + long put + long call.
Protection Side: Full directional coverage.
Best Used When: Holding stock and want full volatility hedge.

📊 Summary Table

Strategy	Protection Side	Structure	Best Used When
Long Straddle	Up & Down	Buy call + put at same strike	Expect major volatility
Long Strangle	Up & Down	Buy OTM call + OTM put	Expect strong move, lower cost
Reverse Iron Condor	Up & Down	Buy OTM call + put, sell further OTM wings	Expect breakout beyond range
Synthetic Long Straddle	Up & Down	Own stock + buy put + buy call	Want full hedge while holding stock