I'll explain in detail in the comments after market hours.
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Ok, so here is the reasoning.
My fellow new traders in learning mode, who have less idea about how options and option strategy works, should definitely search and read about this strategy. { in short, I don't care if it moves up or down, I just care about it moving. I'll make money if it does, I'll lose money if it doesn't . the expected result is that the gain of option (call/put) will be more than the loss in the other option(call/put) } A lot more detailed the strategy is, I just explained you in short.
Coming to this idea,
So, now that we have news, coming of merger and budget, and regulatory issues; I expect the stock to move good.
straddle ( another similar strategy) would have been more expensive and riskier.
Hence, bought this combo. Thanks.
My timeframe is around 2-10 days depending on how it plays out.
I'll exit once it becomes unattractive.
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For educational purpose only. Please don't trade options until you gain full understanding.