What is an Options Albatross Spread? An options albatross spread is a complex, multi-leg options strategy that involves selling two call options and buying one put option. This strategy is used when the trader expects the underlying asset to remain within a certain price range over the life of the options. The albatross spread is so named because it requires the trader to have a net credit, or profit, when the options are sold, and the trader must "carry" this credit until the options expire. If the underlying asset moves outside of the expected price range, the trader may incur a loss. This strategy can be used with stocks, index options, and other types of options. Related articles What is a Barrier Spread? What is a Put Option? What is a Bear Put Spread? What is a Bull Call Spread? What is an Inverted Iron Condor?