Octopus Guard is more towards a form of advanced positions with qualities that pull both from the butterfly guard and also the ability of transitioning into a back-take/control-focused base posture. Your control focuses usually on grip-type motions combined with one hooking or one using a foot-based grip on the main far areas by having hands and arm on top for best controlling and security when attacking or using the top grip-type control while simultaneously gaining their upper and lower bodies. This powerful mix-and-match approach will allow users opportunities to sweep the opponent from this position, which is extremely high with base manipulation, then back takedown setups. Also, it allows unique pathways and positions to use limb lock positions and is not purely a controlling grip for position transition only, which does leave them susceptible. Octopus is the kind of setup and method best understood and performed at higher, more advanced skills.
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