Name of this options strategy

[TRADERbest]

Hi all..What is the option strategy called when if someone is bullish but to protect from some downside:-

Buys(long) ITM call and and at the same time buys (long) OTM lower put

For e.g- Current Reliance rate is 1290 and am bullish so i buy long 1290 call and same time long 1240 put.

I have tried searching the net but have not been able to find exact strategy name some were similar but not exactly same.

I would like to study this strategy more so needed the name.

 

[bpr]

the payoff is similar to long strangle with one side bit off becuase u r buying ATM/ITM instead of OTM

 

[DanPSup]

Hi all..What is the option strategy called when if someone is bullish but to protect from some downside:-

Buys(long) ITM call and and at the same time buys (long) OTM lower put

For e.g- Current Reliance rate is 1290 and am bullish so i buy long 1290 call and same time long 1240 put.

I have tried searching the net but have not been able to find exact strategy name some were similar but not exactly same.

I would like to study this strategy more so needed the name.

In the following link you can play around with your ideas. It is, as "bpr" already mentioned, a long strangle.
I just put in some parameters to show you some idea. Those parameters you can change according to your needs.

http://www.option-price.com/option-...&ex2=80&ex3=0&ex4=0&ex5=0&Calculate=Calculate

 

[TRADERbest]

the payoff is similar to long strangle with one side bit off becuase u r buying ATM/ITM instead of OTM

Is this method not popular..as you mentioned i have read and heard trades with OTM but somehow there is suprisingly zero data with what i am trying to do...