A wrangle, i.e., a complex ratio spread in which a long position is taken in the two ratio backspreads in question, i.e., long both a call backspread and a put backspread. For example, an investor may sell one 50 call and buy two 60 calls (here is the call backspread) and sell one 60 put and buy two 50 put (that is the put backspread). This option trading strategy is extremely bullish or bearish regardless of direction. Expectation of an increase in implied volatility is the main driver for following or constructing a long wrangle.
April 27, 2023