Kindly explain inverted long strangle.

Consider I am looking for profits from intrinsic value and not from premiums.

Stock / index trading at Rs. 100

Buying ITM put at 120

Buying ITM call at 80

On expiry day

If expired between 120 and 80, 120PE and 80CE become ITM.

Say expired at 110 where, 120PE is ITM and 80CE is ITM

then profit for buy 120PE (Strike - spot) 120-110 = +10

then profit for buy 80CE (spot-strike) 110-80 = +30

Say expired at 130 where, 120PE is OTM and 80CE is ITM

then loss for buy 120PE (Strike - spot) 120-130 = -10 which is not possible and expired worthless. Lost all premium.

then profit for buy 80CE (spot-strike) 130-80 = +50

Say expired at 70 where, 120PE is ITM and 80CE is OTM

then profit for buy 120PE (Strike - spot) 120-70 = +50

then loss for buy 80CE (spot-strike) 70-80 = -10 which is not possible and expired worthless. Lost all premium

This is how i understood. Kindly correct me if I am wrong