A credit spread, specifically a variant of an iron condor spread which is established by widening the spread distance furthermore. In other words, this strategy involves buying a far-month out-of-the-money call, selling an out-of-the-money call, buying a far-month out-of-the-money put, and selling an out-of-the-money put.
The wide iron condor spread generates maximum profit (i.e., its net credit) at expiration date when the price of the underlying is within the exercise price range determined by the exercise prices of the short call and put.
It is also referred to as an iron albatross.
