Long Albatross Spread

Think of the long albatross as a condor with its wings pulled far apart: buy the lowest strike, sell two middle strikes that sit a long way from each other, and buy the highest strike, all in one expiration. The wide body gives a large range where the position pays, in exchange for a bigger debit than a tight condor would cost.

Maximum gain and maximum loss are both set by the strike widths. All four legs price from on demand bid, ask and previous close against the underlying's last trade.