ɐ lˈɔŋ bˈɑːksspɹˈɛd kæn biː vjˈuːd æz ɐ lˈɔŋ stɹˈæŋɡəl æt wˈʌn pˈɛɹ ʌv stɹˈaɪk pɹˈaɪsᵻz,  ænd , plˈʌs ɐ ʃˈɔːɹt stɹˈæŋɡəl æt ðə sˈeɪm pˈɛɹ ʌv stɹˈaɪk pɹˈaɪsᵻz.
A long box-spread can be viewed as a long strangle at one pair of strike prices,  and , plus a short strangle at the same pair of strike prices.