STRATEGY EXPLAINER · 2:38

Butterfly Spread Strategy Explainer Video

The Butterfly Spread is a neutral strategy that is a combination of a Bull Spread and a Bear Spread. It is a limited profit, limited risk options strategy. There are 3 striking prices involved in a Butterfly Spread and it can be constructed using calls or puts.

Sponsored · Market Chameleon

Research long call butterflies

Explore long call butterflies on Market Chameleon alongside your own analysis.

Full screening features may require a paid subscription. Market data is delayed.

THE OPTIONS GUIDE APP

Take the guide
with you.

Learn, explore strategies, and use practical calculators. Wherever you go.

Available for iOS and Android

The Options Guide app’s Learn screen, showing lessons, strategies, markets and tools