A ***** consists of a long position in one European call and two European puts with the same strike price and expiration date.
As strap consists of a long position in two European calls and one European put with the same strike price and expiration date.
In a ***** the investment is betting that there will be a big stock price move and considers a decrease in the stock market price to be more likely than an increase.
In the strap, the investor is also betting that there will be a big stock price move. However, in this case, an increase in the stocl price is considered to be more likely than a decrease.