Which options strategy combines two calls and a put?

The strategy that combines two calls and a put is known as a strap. A strap is structured with two long call options and one long put option, which creates a bias towards bullish moves in the underlying asset while still providing protection on the downside via the put position. This strategy is often employed by traders who expect significant volatility in either direction but have a bullish outlook.

In contrast, a straddle involves one call and one put, both at the same strike price and expiration date, allowing for potential profits from significant movement in either direction. A strip is similar to a strap, but it involves one call and two puts, indicating a bearish bias. A vertical spread, on the other hand, consists of buying and selling option contracts with different strike prices but the same expiration, usually focusing on a more neutral or defined directional stance rather than the combination of different types of options seen in a strap.