A long albatross that solely involves positions in put options and is typically used when an investor harbors a neutral sentiment. It consists of an in-the-money bull put spread and an in-the-money bear put spread. More elaborately, the put long albatross is based on selling one put option at the lowest strike, buying one put at the lower middle strike, buying one put at the upper middle strike, and selling one put at the highest strike, all legs being on the same underlying and having the same expiration month, and with the same strike difference between the first two and the last two legs. Also, the strike difference between the second and third legs is greater than that between the the first or second legs or between the third and fourth legs.

The long put albatross is typically employed in neutral markets where investors expect to profit if the underlying remains relatively stable with respect to the current price by expiration date. In general, the underlying price should lie, at the time of entry, between the two middle strike prices. For a moderately bullish investor, higher strike prices should be used in establishing this strategy. Whereas lower strike prices are better be used if the investor is moderately bearish.

Like a long condor, this strategy is actually made up of one debit call spread and one credit call spread both combined as one strategy.