The long guts is a neutral strategy in options trading that involves the simultaneous buying of an in-the-money call option and an in-the-money put option of the same underlying stock and expiration date. This is an unlimited profit, limited risk strategy that is taken when the options trader thinks that the underlying stock will experience significant volatility in the near term. The long guts is a debit spread as a net debit is taken to enter the trade.

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