A gut iron condor spread which is constructed by selling one call at the lowest strike, buying one call at the lower middle strike and one put at the upper middle strike, and selling one put at the highest strike, with all the legs having the same expiration month. The strike price distance between all legs should be equal. In other words, this strategy is a combination of one long gut spread and one short gut spread. It could also be viewed as combining one put credit spread with one call credit spread.

For example, this volatility trading strategy could be constructed by selling one 100 call, buying one 105 call, buying one 110 put, and selling one 115 put.