A straddle is any set of offsetting positions on personal property. One example, is a put and call option on the same number of shares of a particular security, with the same exercise price and expiration date.
Definition of flack for English Language Learners. : a person whose job is to make people like or be interested in someone or something.
1 An antiaircraft gun or guns; antiaircraft fire (WWII armed forces) ( 2 also flack) Severe criticism; angry blame: This order provoked little political flack/ Joe took considerable flak from white co-workers (1960s+)  Trouble; fuss; dissension; static: Let's not have a lot of flak about this (1960s+)