> 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="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2FsIWZM13vZ9ucM03kUwCc%2Fimage.png?alt=media&amp;token=b563b1ed-13d1-43dd-9514-23d809b0b55a" 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="https://4105275983-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FveNlPcq5FcdKaOERYyrV%2Fuploads%2FmH9QvhnAYoaNGfBXkIMf%2Fimage.png?alt=media&amp;token=c0fd54d9-aa04-4647-bb59-3f6107a530cf" 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;