An options strategy that involves buying a call (long call) and a put (long put) with the same exercise price and expiration time. Since both options are in the long position, an upfront premium (consisting of the call premium and the put premium) is required in order to establish the bottom straddle. This strategy results in losses when the underlying price stays close to the exercise price at expiration date. However, a substantial profit can be made when the underlying price moves further away from the exercise price in either direction.