An option trading strategy that involves buying one option (long option) and selling two same-type options (short options) at sequentially higher strike prices, if calls, or at sequentially lower prices if puts. In other words, this trade combines a bull call spread with an additional higher-strike short call. This strategy aims to benefit from any price movement of the underlying within a particular range, while incurring low premium, if any.

It is also known as a Christmas tree and a ladder trade.