A combination of a short straddle with protective wings. You sell an ATM call and put (collecting premium) and buy an OTM call and put for protection. Maximum profit if stock expires exactly at the short strike.
Net premium received
Width of either wing - Net premium received
ATM strike ± Net premium received
Short 1 ATM Call + Short 1 ATM Put + Long 1 OTM Call + Long 1 OTM Put
Limited profit (net premium). Limited, defined risk. Highest profit at center strike.
When you expect the stock to stay very close to the current price. When IV is high (larger premium collected). A defined-risk version of the short straddle.