An inverted iron condor is a complex options strategy that involves selling a call spread and a put spread on the same underlying asset. The call spread is composed of one short call option at a lower strike price and one long call option at a higher strike price, while the put spread is composed of one short put option at a higher strike price and one long put option at a lower strike price.

The inverted iron condor strategy is used when the trader expects the underlying asset to remain within a certain price range over the life of the options. The strategy is designed to profit from the difference in premium between the short and long options, as well as from the time decay of the options. 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.