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Long Call Butterfly
The long call butterfly spread is made up entirely of call options on the same underlying stock (or index). It’s constructed by purchasing one call with a given strike price, selling (writing) two calls with a higher strike price, and purchasing one call with an even higher strike price.
Long Put Butterfly
The long put butterfly spread is made up entirely of put options on the same underlying stock (or index). It’s constructed by purchasing one put with a given strike price, selling (writing) two puts with a higher strike price, and purchasing one put with an even higher strike price.
Iron Butterfly
A long synthetic, or “iron,” butterfly spread is made up of both call options and put options on the same underlying stock (or index). It’s constructed by purchasing one put with a given strike price, selling one call and one put with a higher strike price, and purchasing one call with an even higher strike price.
Long Call Condor
The long call condor spread is made up entirely of call options on the same underlying stock (or index). It’s constructed by purchasing one call with the lowest strike price, selling (writing) a call with a higher strike price, selling (writing) another call with an even higher strike price, and purchasing a call with the highest strike price.
Long Put Condor
The long put condor spread is made up entirely of put options on the same underlying stock (or index). It’s constructed by purchasing one put with the lowest strike price, selling (writing) a put with a higher strike price, selling (writing) another put with an even higher strike price, and purchasing a put with the highest strike price.
Iron Condor
A long synthetic, or “iron,” condor spread is made up of both call options and put options on the same underlying stock (or index). It’s constructed by purchasing one put with the lowest strike price, selling one put with a higher strike price, selling one call with an even higher strike price, and purchasing one call with the highest strike price.