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.