How would you play a straddle on the Nasdaq Market without buying the put and the call on one stock symbol?

Scottrade will only let me do one put or one call per stock symbol. The problem is that I want to play the Nasdaq in a straddle and to do that I need to play two different stock symbols representing the Nasdaq. I want to play QQQQ and NDAQ with a put option on one, and a call option on the other. Does anyone know if this is possible with Scottrade?

You don’t have to use two differently stock symbols to execute a straddle on the Nasdaq.

There are two different ways you can do a long straddle on the Nasdaq.

(1) Buy 50 shares of QQQQ and buy 1 put option.

(2) Short 50 shares of QQQQ and buy 1 call option.

Both of these methods has the same risk/reward profile as a long straddle.