Strip Strategy:
It is an extension of Straddle. If straddle we assume volatility, but uncertain outlook, i.e. we do not know which side market will go. Here the trader still assumes same things; however he has a little downwards bias.
So instead of buying one call and one put, he buys one call and two puts.
Strap strategy :
Here also Straddle buyer assumes the same outlook, but has a little upward bias. So instead of buying one call and one put, he buys two calls and one put.
