A strangle holds an out-of-the-money call and an out-of-the-money put at the same expiration. It costs less than a straddle and needs a larger move to pay, trading probability for price.
The first out-of-the-money strangle also refines the implied-move estimate the straddle anchors. On the short side, a strangle sold without protection carries undefined risk in both directions, which is why defined-risk disciplines express the same range view as an iron condor instead: the purchased wings cap the worst case at a known number.