Very rarely, you'll find a game in which a straddle is allowed from any position, but the most common variant these days is the “button straddle. The Straddle Positioning is one of the positioning strategy adopted by the marketers to position their product in two categories simultaneously. In other words. Variations. A long straddle assumes that the call and put options both have the same strike price. The loss is limited to the premium paid to put on the position.