Expectation : Volatile

Profit When : Up or Down

Risk : Limited

Reward : Unlimited

Upper Breakeven Pt : Call Strike + Net Debit

Lower Breakeven Pt : Put Strike - Net Debit

Max Profit : Unlimited.

Max Loss : Net Debit Paid - (Strike Price of Long Put - Strike Price of Long Call)

OppiE's Note : Long Gut is a variant of the Long Straddle options strategy using ITM options rather than ATM options. Long Guts have a much lower maximum loss than the Long Straddle with the disadvantage of a higher net debit per position.