A Long Straddle is used when you expect a big move but are unsure of direction - you buy both a CE and PE at the same strike. You profit if the market moves significantly in either direction; you lose if it stays near the strike.  

 A Short Straddle is the opposite - you sell both legs. You profit if the market stays range-bound and premium decays; you face unlimited risk if the market makes a large move.  

With readymade strategies, you don’t have to create strategy or do the heavy lifting. This tool does it for you. Depending on your market view – it will list the best suited strategy. For example, the platform will list Long Straddle under Volatile Market strategies and Short Straddle under Neutral strategies, which directly reflects when each is appropriate.