An option trading strategy that combines a bull call spread with a bear put spread. It could also be constructed by combining a narrow long strangle with a wider short strangle. The call and put spreads share the short strike (central strike price).

This spread is constructed as follows:

Sell 1 lower strike OTM put.

Buy 1 middle strike ATM put.

Buy 1 middle strike ATM call.

Sell 1 higher strike OTM call.

The spread pays off the highest amount when its expires at the short strike (after a big move by the underlying stock). However, the payoff is capped and is less than commensurate with the risk involved in case of stock inactivity.