Covered Straddle

In a covered straddle, the investor owns a stock they think will go up. In order to make the most of it, they sell calls and puts with the same strike price on the stock. Since they think the stock will go up, they sell the calls at a higher price. If the stock goes up like they think it will, they make lots of money. if it stays the same, they make a little money. If it goes down...they lose money. Potentially a lot of it.

So basically, the strategy is "covered" unless the investor is a moron who thought a stock would go way up and it actually went down.