A wrangle, i.e., a complex ratio spread in which a short position is taken in the two ratio spreads in question, i.e., short both a call ratio spread and a put ratio spread. This strategy makes money when the underlying asset stays stagnant or moves sharply.
For example, an investor may buy one 50 call and sell two 60 calls (here is the short call ratio spread) and buy one 60 put and sell two 50 puts (that is the short put ratio spread).
