I am confused. A call with a delta of 80 must be ITM? Same with a put of -80, ITM put? It is neither a straddle nor a strangle? A strangle has OTM calls and puts?
It sounds like a long guts spread. However delta's in the 80's is way too high or low, depending on your perspective. MM's have way too much money as it is, no need for a gift. A Long guts can work if you buy just ITM (on both sides). You do need a severe gyration to make this profitable. Better off looking for just OTM. IMHO
this is indeed a guts, I forgot the name of it... the payoff is exactly the same as an OTM strangle @ironchef. The OTM is easier to trade though.