An option trading strategy (specifically a calendar spread) which is constructed by buying a far-expiration-month strangle and simultaneously selling a near-month strangle on the same underlying. An investor would pursue such a strategy if he expects an underlying stock would move sideways in a few months but would likely remain stagnant for the short term. The calendar strangle is a neutral option trading strategy in which profits are made in the short term when the underlying stays stationary while the profit potential still exists insofar as the underlying is expected to break out in the longer term.