The long put butterfly spread is created by buying one put with a lower strike price, selling two at-the-money puts, and buying a put with a higher strike price. Implied Volatility After the strategy is established, the effect of implied volatility depends on where the stock is relative to your strike prices. This is because the underlying stock price is expected to drop by the dividend amount on the ex-dividend date The Sweet Spot You want the stock price to be exactly at strike B at expiration. After the strategy is established, the effect of implied volatility depends on where the stock is relative to your strike prices. An increase in volatility will increase the value of the option you own at the near-the-money strike, while having less effect on the short options at strike B, thereby increasing the overall value of the butterfly. The strategy involves four options contracts with the same expiration month but with three
The butterfly spread is a neutral strategy that is a combination of a bull spread and a bear spread. It is a limited profit, limited risk options strategy. There are 3 striking prices involved in a butterfly spread and it can be constructed using calls or puts.
What is an 'Iron Butterfly'
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The long butterfly call spread is created by buying one in-the-money call option with a low strike price, writing two at-the-money call options, and buying one out . A butterfly option, otherwise known as a butterfly spread, is an option trading strategy. This strategy has limited risk, but also limited potential gain, and is based on a comparison between the expected future volatility, and the implied volatility of the underlying asset on which the options are based. In finance, a butterfly is a limited risk, non-directional options strategy that is designed to have a high probability of earning a limited profit when the future volatility of the underlying asset is expected to be lower or higher than the implied volatility when long or short respectively.