Setup: 2 ATM calls + 1 ATM put. Cost is 1.5–2× a standard straddle. The structure has higher theta and higher absolute cost, but rewards a strongly bullish-biased volatility view. Useful when you expect a big move with a directional lean — e.g., pre-earnings on a stock with bullish expectations but uncertain magnitude.
Compare to a standard long straddle (1 call + 1 put, same strike): straddle is direction-neutral, strap is bullish-biased. The extra long call costs more but pays off bigger on upside moves. Trade-off: more capital at risk, more theta drag if the stock chops sideways.