An option trading strategy which is established by selling/ buying in-the-money calls and puts. All the options involved have the same expiration date but come with different strike prices.

Gut spread = short ITM calls + short ITM puts

Also:

Gut spread = long ITM calls + long ITM puts

This position is a strangle in which both of the option legs are in the money.

There are two forms of a gut spread: long gut spread and short gut spread.

It is also known as a guts spread.