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Long volatility delta hedging and strangle are common long volatility strategies. We can make strangle delta neutral(in $) by buying more puts than calls(if an absolute value of put delta is less than call) and vice versa. Delta hedging is rather complicated and implies dynamic rehedging. So why delta hedging is so popular in volatility trading if we can simply use strangle?

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    $\begingroup$ Straddle is delta neutral initially, but will become biased (+ or -) as prices change. Readjusting the delta to 0 by buying/selling the underlying is simple and inexpensive. Readjusting by buying/selling more puts and calls is expensive because of higher transaction costs in options than in the underlying. So 'delta neutralized straddle' is/was a popular strategy because of low cost. Today there are even better strategies with $\frac{1}{K}$ portfolios of options. $\endgroup$ – noob2 Jul 5 '17 at 12:22
  • $\begingroup$ What about long call and short stock delta neutral strategy? Is is better than delta neutralized straddle in terms of transaction costs? $\endgroup$ – Alexandr Proskurin Jul 5 '17 at 12:25
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    $\begingroup$ Yes, there is somewhat less trading in a delta-neutralized straddle than in a delta hedged call. You could trade less frequently. $\endgroup$ – noob2 Jul 5 '17 at 12:29

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