IRON BUTTERFLY
An advanced and neutral-outlook options trading strategy that involves buying and holding four different options at three several strike prices. Also called ironfly, the two options situated at the middle strike make a long or short straddle, one call and one out with similar strike price and expiration date, which depends on whether options are being bought or sold. The "wings", options at the higher and lower strike prices of the strategy are made by purchasing and selling a strangle, one call and one put at several strike prices but similar expiration date. This is different from the butterfly spread because it employs both calls and puts.
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