The ZEBRA options trading strategy stands for Zero Extrinsic Value Back Ratio (typically the 'value' is left out because that won't make the cute zebra short name), if you are unfamiliar with extrinsic value, with options there is intrinsic and extrinsic value. Intrinsic value represents the value from exercising in the money. and the extrinsic is all the other value! The call zebra strategy has the following setup long 2 in the money calls and sell 1 atm calls.
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Long Call (x2)
Equity - Long
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