A neutral strategy (originally a long straddle) that is based on two legs involving two at-the-money calls or close to the money calls (long call) for every 100 shares sold (short stock). The risk profile of a long call synthetic straddle replicates that of a long straddle. The decline of the stock price will add value to the short stock, and if the stock price moves up, each pair of calls will offset the loss in the short position in one stock.

This strategy represents a bet on high volatility.