If you Google Jade Lizard the results point back to TastyTrade, so there is no doubt that they made that name up themselves. https://www.google.com/?gws_rd=ssl#q=Jade+Lizard
It get's worse ... Big Boy Iron Condor, Big Dawg Butterfly, Chicken Iron Condor, Jade Lizard, Poor Man Covered Call, Poor Man Married Put, Skewed Iron Condor, Sunny Side Up, Twisted Sister ... All Sosnoff's names for Standard Strategies ....
I don't think TT came up with Jade Lizard-however the point of the trade is that put premium has to equal the difference between strikes of the call spread, minus the call spread premium- a crap trade as you will get carted off at some point, to the downside or be in constant pain with the call spread underwater,so zero profit. Any underlying for this trade must have 100% volatility
By calling them all different names they can see if any show a positive return and then launch the advisory service. bigdawgbutterfly.com Turn the options market into your own ATM machine!
Giving a strategy a fancy name does not mean that you will make a profit if you use it. Every strategy has a downside to it. The Jade Lizard, as was pointed out above, has an obvious problem which is the major downside risk. The upside risk is not really an issue if you make sure that your premium is more than the call spread width. In that case, you can make money even if the call spread goes to maximum loss. In fact, during a prolonged bull market, this spread would work pretty well much of the time. However, whenever the market takes a sharp sustained dive, the premiums will be small compared to the losses sustained. The short put also creates margin issues when setting up the trade, driving down ROI and tying up capital. In essence, this strategy is a bit like an iron condor(missing the long put of course), but with unbounded risk to the downside and minimal or no risk to the upside.