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A short straddle with wings. The iron condor's tighter cousin — a bigger credit for a narrower range, with both tails still capped.

The Strategy Builder does not construct this one — the reference shelf is broader than the picker. You can still build it by hand: add the legs below in the builder's leg table.

Sell the at-the-money call and put, buy a wing above and below. It is a short straddle with defined risk, or equally an iron condor whose short strikes have been pulled together to the same price.

The credit is much larger than a condor's on the same wings, because at-the-money options are the expensive ones. The trade-off is that the profitable range collapses from a plateau to a peak.

Both tails are capped by the wings, so unlike the short straddle it has a maximum loss that can actually be stated.

Priced off the guide's shared chain, on a $50 stock. Every figure beneath the diagram is computed from these legs by the same engine the Strategy Builder uses.

A tent. Maximum profit at exactly the short strike, falling away linearly in both directions.

Two break-evens, at the short strike plus and minus the net credit.

Flat maximum loss beyond each wing: the width less the credit.

It suits a strong expectation that a stock finishes near a specific price — a pin — rather than merely inside a range.

Against the iron condor the choice is credit versus width of the profitable zone. The butterfly pays roughly twice as much and requires the stock to land far more precisely.

Four legs and four sets of costs, and the short strikes sit at the money where they are most sensitive to movement. It is the most execution-sensitive structure in this chapter.

Like everything in this guide, these are descriptions of structures and conditions — context for your own decisions, not instructions to trade.