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

The short put albatross is typically employed in volatile markets where investors expect to profit if the underlying breaks out in either direction 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 short condor, this strategy is actually made up of one credit put spread and one debit put spread both combined as one strategy.

The short put albatross is also referred to as a put short albatross.