An 80 by 90 by 100 Butterfly
Although a few traders use different definitions, the most common butterfly spread combines a vertical bull and a vertical bear spread with the same expiration date on all options and the same strike price on all short options. The often sought, but unobtainable, 'perfect butterfly' requires no net premium payment, assuring the buyer of profit at any price between the upper and lower strike prices with no possibility of a loss. This structure is sometimes known as an Alligator Spread or a Sandwich Spread. See also Condor, Call Spread.
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