What are straddle, strangle, condor, butterfly, and spread words in the ‘Create Strategy’ form?

Straddle, strangle, condor, butterfly, and spread are all different types of options trading strategies available in the 'Create Strategy' form. Each strategy involves unique combinations of buying and/or selling options contracts with different strike prices and expiration dates, aiming to capitalise on specific market conditions or expectations.

• Straddle: Buying call and put options with the same strike price and expiration date to aim to profit from significant price movements.
• Strangle: Purchasing call and put options with different strike prices but the same expiration date to anticipate volatility and large price movement.
• Condor: A complex options strategy involving calls and puts with four different strike prices, aiming to profit from limited price movement within a range.
• Butterfly: Buying and selling three options of the same type (calls or puts) with the same expiration date but different strike prices to achieve a specific price movement outcome.
• Spread: Simultaneously buying and selling options of the same type with different strike prices or expiration dates to capitalise on price differentials.