> For the complete documentation index, see [llms.txt](https://docs.ithacaprotocol.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ithacaprotocol.io/docs/ithaca-app/trading/dynamic-option-strategies/butterflies.md).

# 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;