The objective of a strangle is to capture the volatility premium inbedded in option prices, but with less risk than in a straddle, another established premium capture strategy.

Trend following with stop loss vs. call option

Trend following is a directional trading strategy that uses price-based "technical" indicators to identify trends with the objective to gain exposure to the direction of the price trend, expecting the trend to continue.

Using average directional movement to determine trend direction and strength.

TailDex® is a measure of the market’s expectations for an extreme event, often called a “tail event” or a “black swan,” which is a drop of at least three standard deviations.