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Sell an out-of-the-money call and put. An iron condor with the wings removed — wider profit range than a short straddle, and still unlimited risk.

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 both sides, out of the money. You keep the credit if the stock finishes between the strikes, which is a much wider target than a short straddle's.

Compare it directly with the iron condor: same short strikes, same range, but no long wings. The condor gives up part of the credit to cap both tails; this keeps the full credit and keeps the tails open.

That single structural difference is where a great deal of retail premium-selling damage has historically come from.

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 flat plateau at maximum profit between the two short strikes.

Two break-evens, at the put strike less the credit and the call strike plus it.

Two unbounded tails. Unlike every capped structure here, there is no maximum loss figure to state.

The conditions are the same as an iron condor's — elevated implied volatility and an expectation of range. What differs is entirely the risk posture.

The extra credit over the equivalent condor is the price of the wings. Whether that credit is worth an uncapped tail is the decision, and it is a decision about survivability rather than expected value.

This platform's structures are capped by design. The short strangle is documented here so the difference is legible, not because it fits the strategy the rest of the guide describes.

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