The document discusses the "Guts" options strategy, which involves buying in-the-money (ITM) calls and puts on the same stock in order to profit from a surge in volatility that drives the stock price significantly higher or lower. The Guts strategy has unlimited profit potential but limited risk, though it is more expensive than a similar strangle strategy since both options are bought ITM. Key considerations for the Guts trade include entering around news events when implied volatility is low and exiting prior to expiration to avoid time decay.