How Does the Theta of a Straddle or Strangle Position Compare to a Single Option?

The Theta of both a Long Straddle and a Long Strangle is significantly more negative than the Theta of a single long option. This is because the trader is long (buying) two options, and both options are losing extrinsic (time) value simultaneously as expiration approaches.

Therefore, a long volatility strategy like a Straddle or Strangle experiences a faster rate of time decay, making it a costly strategy to hold for a long period without a major price move.