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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

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Definition 1.

An option contract created by being long in one put option and two call options with the same underlying security, strike price, and maturity date. The contract can usually be bought at a lower total premium than the three options could be individually. also called a triple option.
 

Definition 2.

An options strategy created by being long in one put and two call options, all with the exact same strike price.
 
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