A synthetic straddle that is constructed either with a long put and a long synthetic call (long put combined with long stock) or with a long call and a long synthetic put (long call combined with short stock). A long synthetic straddle creates a delta-neutral trade. As the stock moves in either direction, the trade delta can be readjusted (by selling or buying the underlying stock, or by selling or buying the options) to its neutrality, and hence profits can be locked-in.
The maximum risk associated with such a trade is the cost of the options purchased (long options). Risk arises if the stock remains static by expiration (as the long options lose time value with the passage of time).
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