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Long Iron Butterfly Screener

The Long Iron butterfly strategy is a 4-legged option spread that combines a long straddle and a short strangle. The Long Iron fly could also be viewed as a combination of a debit bear put spread and a debit bull call spread. The strike differential is equidistant in that the short put and short call of the strangle are equidistant to the straddle and all options have the same expiration. Max profit is incurred If the underlying is trading outside of the lower put and upside call (wings). Max loss is observed if the underlying ‘pins’ the straddle (body) at expiration.
Sat, May 18th, 2024
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