Every defined-risk structure owns a further-out option that puts a ceiling on losses: vertical-spreads, iron-condors, iron-butterflys and long-butterfly variants. The maximum loss is knowable before you enter and does not change with a gap.
The cost is the premium paid for that long wing, which lowers the credit and raises the required accuracy. What you buy is the ability to survive: no gap, no halt and no volmageddon can take more than the defined amount.
Example: short the XYZ $45 put for $1.30 alone risks $4,370 if XYZ goes to zero. Adding the $42.50 put for $0.55 reduces the credit to $0.75 but caps the loss at $175. You give up 42% of the credit to remove a 25-times-larger tail.
Related: undefined-risk, max-loss, vertical-spread, spread-width