Name of Option Position?

[tradingjournals]

Quote from oldtime:

Last time somebody asked this questions the answers were "Who cares?" and "Get a book."

It's basically just a short straddle with a UL in between. 2 x 1 (or 1 x 2 depending on how you look at it.)

The idea is I'm long term bullish but not expecting anything spectacular short term. So from the top down it's

short 2 otm calls
long 1 ul
short 2 otm puts

I know I'll get hurt if ul gets close to strike, but that's a risk I'm willing to take.

All I want to know is if there's a name for it.

A practical way to think of it is this:

1. If UL goes to the moon, you are short at the highest strike + premium from calls and puts + the distance between current UL price and short calls strike.

2. If UL goes south (way south), you are long 3UL at average of current UL price and short put strike minus call and put premium.

3. If nothing happens, you earn the premium of calls and puts on URL.

Anotherway to think about it is a short straddle (at calls' strike) which is in the money at inception and would become a straddle if UL goes to short strike, and two short puts.