Would someone give me an example of the Guts Iron Butterfly or a Guts Iron Condor if there are such things. Also, if I'm long at 100 with a 95 ITM call for protection, what is the name for this? Thanks.
"Gut" means that the options are ITM, that's it. So instead of using OTM vertical spreads you would use ITM ones. If you are short the 95 call then it's a covered call. If you are long the 95 call then you got no protection.