No. A long strangle is a way to long volatility. With a put, you primarily pay for directionality with hedged upside risk: you don't lose your house if the sto

No. A long strangle is a way to long volatility. With a put, you primarily pay for directionality with hedged upside risk: you don't lose your house if the stock moons. While it's true volatility is a component, that's a side effect of the hedging since your counter party takes on volatility risk.