A gut iron albatross spread which is constructed by selling one call at the lowest exercise price, buying one call at the lower middle exercise price and one put at the upper middle exercise price, and selling one put at the highest exercise price, with all the legs having the same expiration month.

Also, the exercise price distance between the first two legs and the last two should be equal. Furthermore, the distance between the second and third legs has to be larger than that between the first and second legs or between the third and fourth legs. In other words, this strategy combines one long gut spread and one short gut spread. As well, it could be viewed as combining one put credit spread and one call credit spread.