Strip

(1) A combination of two puts and one call (a straddle plus a put option).
(2) A bond is separated into its corpus and coupons, which are then sold and traded separately as zero coupon securities and registered interest.
(3) A portfolio of similar options, but with different expiration dates and each with an underlying that depends on the expiration date. E.g., an Interest Rate Cap is a Strip of Call Options on LIBOR for consecutive, non-overlapping accrual periods.