ɐ lˈɔŋ bˈɑːksspɹˈɛd kæn biː vjˈuːd æz ɐ lˈɔŋ bˈʊl kˈɔːl spɹˈɛd æt wˈʌn pˈɛɹ ʌv stɹˈaɪk pɹˈaɪsᵻz,  ænd , plˈʌs ɐ lˈɔŋ bˈɛɹ pˌʊt spɹˈɛd æt ðə sˈeɪm pˈɛɹ ʌv stɹˈaɪk pɹˈaɪsᵻz.
A long box-spread can be viewed as a long bull call spread at one pair of strike prices,  and , plus a long bear put spread at the same pair of strike prices.