Short Call Butterfly Option Screener

[Directional, Limited Risk, Limited Reward] The short call butterfly spread is a high volatility option strategy where you expect the underlying security to move in either direction. The short call butterfly option strategy involves selling a call option, buying 2 call options at a higher strike price around the price of the underlying security, and selling a call option at an equidistant higher strike price. The short call butterfly strategy is a combination of a bear call and a bull call spread. Maximum profit is the difference between the premium received for the short calls minus the premium paid for the long calls (Net Credit). Maximum loss is the difference between the center and outer strike values minus the Net Credit. The short call butterfly strategy succeeds if the underlying security breaks through the range, trading below the downside breakeven (lower strike + Net Credit) or above the upside breakeven (higher strike - Net Credit) at expiration. Maximum profit is achieved if the underlying security is outside either of the outer strike prices at expiration.