Straddle

In stock-brokers' parlance the term means the double privilege of a "put" and a "call," and secures to the holder the right to demand of the seller at a certain price within a certain time a certain number of shares of specified stock or to require him to take, at the same price within the same time, the same shares of stock.

Harris v. Tumbridge, 83 N. Y. 95, 38 Am. Rep. 398.