What is -oStrictHostKeyChecking option in SFTP Command?

Can anyone explain me the below sftp command

sftp -oStrictHostKeyChecking=no @SFTP_PROXY_COMMAND@ -v oIdentityFile=$sftpIdentity -b $PutSFTPbatch.bat $sftpUrl

I need explanation for the below parameters with all their possible values

-oStrictHostKeyChecking=no @SFTP_PROXY_COMMAND@
-v oIdentityFile=$sftpIdentity

See man ssh_config

     IdentityFile
	     Specifies a file from which the user's DSA, ECDSA or DSA authentication identity is
	     read. [..]

     StrictHostKeyChecking
	     If this flag is set to ``yes'', ssh(1) will never automatically add host keys to the
	     ~/.ssh/known_hosts file, and refuses to connect to hosts whose host key has changed.[..]
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