Highly aggressive premium-selling structure: both short legs are ITM at entry, meaning both have intrinsic value and high assignment risk. The structure pays maximum premium but requires active management to roll either leg when assignment becomes imminent. Suitable only for capital-rich, experienced traders.
Use case: extreme high-IV environment where the maximum premium collection justifies the assignment-risk burden. Almost no retail trader has a legitimate use case for short guts — short strangles or iron condors achieve similar premium yield with dramatically lower assignment risk and management complexity.