Which of the following strategies are considered volatility plays?

The strategy that includes a long straddle and a long strangle is indeed classified as a volatility play. These strategies are designed to profit from significant movements in the underlying asset's price, regardless of the direction of that movement.

A long straddle involves purchasing both a call option and a put option at the same strike price and expiration date, enabling the investor to benefit from volatility: if the asset's price moves significantly in either direction, the gains from one option can exceed the losses from the other.

Similarly, a long strangle involves buying a call and put option at different strike prices but with the same expiration date. This strategy also profits from high volatility, as significant price changes in either direction can yield a profit once the price exceeds the combined cost of the two options.

In essence, both the long straddle and long strangle are premised on the expectation that the underlying asset will experience considerable price movement, making them suitable choices for traders looking to capitalize on volatility.

The other options—bear spreads with puts or calls—are typically used to profit from an anticipated decline in the underlying asset's price rather than from volatility itself. These strategies are more focused on directional movement and tend not to thrive in high-volatility environments where significant price swings