Simultaneously sell an OTM call spread (bear call spread) and an OTM put spread (bull put spread) on the same underlying, same expiry — creating a defined-risk position that profits if the underlying stays within the two short strikes through expiration. A four-leg trade: sell OTM call, buy further OTM call, sell OTM put, buy further OTM put. Max profit when underlying stays between sold strikes. Max loss when underlying breaks through either short strike and reaches the long strike.