Naked Straddles & Strangles

A short straddle: sell one at-the-money call and one at-the-money put, same strike, same expiration. A short strangle: the same but both legs out of the money, so the premium is smaller and the profit zone wider.

'Naked' means no protective wings. Buy a further out-of-the-money call and put and the identical trade becomes an iron condor with a printed maximum loss.

Both legs are short, so delta and vega are against you at once: you need the market to stay put and to calm down.