A three-pronged currency option combination that involves the simultaneous selling of an at-the-money put and buying of both an out-of-the-money call and an out-of-the-money put. All three options typically have the same maturity date and one notional amount in a specific currency. This option strategy is almost costless as the purchase of the out-of-the-money options is financed by selling the at-the-money put. Sometimes, the strike prices may need to be adjusted to fine-tune the risk-reward requirements. The long seagull is usually used to have access to an unlimited reward potential in case the underlying currency appreciates while limiting losses in an opposite scenario.