A complex and versatile option trading strategy (basically an albatross spread) which involves selling one deep in-the-money option, buying one in-the-money option, buying one out-of-the-money option, and selling one further out-of-the-money option, all on the same underlying. Investors pursue such a strategy when the underlying is expected to significantly break out in either direction. The short albatross spread is effectively a short condor spread with an extended strike difference between the two middle strike prices.
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The short albatross can be established using either calls or puts. As such, there are two main versions of this spread: the short call albatross and the short put albatross.
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