Section 1092 straddle

What truly defines “offsetting positions” as it relates to tax loss harvesting from Section 1092 straddles? For instance, buying puts and calls in the same underlying is obvious. But if you have a position that is nearly market neutral from a pair trade with 2 different assets that happen to be closely correlated with each other, are you able to recognize the loss for tax purposes without consideration of the unrecognized gain?