# Butterflies

## **Call Butterfly**

<figure><img src="/files/Qbg86Bvbv1W0JiEnTWMe" alt=""><figcaption></figcaption></figure>

A call butterfly consists of buying a lower strike call, selling 2 higher strike calls and buying a highest strike call. One pays premium to possess maximum upside at the middle strike at expiry.

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**Put Butterfly**

<figure><img src="/files/qEOvVQ3OxzzoYPOam5xz" alt=""><figcaption></figcaption></figure>

A put butterfly consists of buying a lower strike put, selling 2 higher strike puts and buying a highest strike put. One pays premium to possess maximum upside at the middle strike at expiry.&#x20;


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