Construction: sell 30 DTE OTM put and OTM call (the inner short legs); buy 60 DTE further OTM put and call (the outer long legs). Net debit, modest. Profits when the stock stays between the short strikes and IV expands. The structure is positive theta on the front month, positive vega on the back month — a rare combination that pays for both range-bound action and rising IV.
Management is more complex than an iron condor — the long legs need active monitoring as expiration approaches and the short legs roll. Best deployed when IV rank is low and you expect IV expansion plus range-bound price action — earnings season setup on stable stocks, post-event stabilization on names that just had IV crush. Not a beginner structure; understand calendars and diagonals individually before combining them.