Long Call Butterfly Option Screener

[Neutral, Limited Risk, Limited Reward] The long call butterfly spread is a low volatility option strategy where you expect the underlying security to remain range-bound. The long call butterfly option strategy involves buying a call option, selling 2 call options at a higher strike price around the price of the underlying security, and buying a call option at an equidistant higher strike price. The long call butterfly strategy is a combination of a bull call and a bear call spread. Maximum loss is the difference between the premium paid for the long calls minus the premium received for the short calls (Net Debit). Maximum profit is the difference between the center and outer strike values minus the Net Debit. The long call butterfly strategy succeeds if the underlying security is trading within the range between the downside breakeven (lower strike + Net Debit) and upside breakeven (upper strike - Net Debit) at expiration. Maximum profit is achieved if the underlying security lands at the center strike price at expiration.