Similar to the straddle, but the call and put strikes are not the same, the call strike is higher than the put. Essentially works the same as the straddle, but costs less and it takes larger moves to break even or see a profit.
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The screenshot shows the following portfolio:
European call struck at 11.000 with expiry in 30 days
European put struck at 10.000 with expiry in 30 days
This is an excerpt from iOptioneer option trading reference application. In order to build the real-time dynamic strategy graph and run simulations you will need to download the application from App Store.