A gut iron butterfly which is established by buying one call at the lowest exercise price, selling one call and one put at the middle exercise price, and buying one put at the highest exercise price, with all the legs having the same expiration month. Also, the exercise price distance between all the legs should be the same.
In other words, this strategy is a combination of one short gut spread and one long gut spread. It could also be viewed as combining one put debit spread and one call debit spread.
