Name: Inverse Broken Wing Butterfly w/ Puts Setup: Sell (short) Strike A put and Buy (long) 2 Strike C puts and Sell (short) Strike D put Bias: Extremely Bearish Â
Name: Christmas Tree Butterfly w/ Calls Setup: Buy (long) Strike A call and Sell (short) 3 Strike C calls and Buy (long) 2 Strike D calls Bias: Slightly Bullish Â
Name: Christmas Tree Butterfly w/ Puts Setup: Buy (long) 2 Strike A puts and Sell (short) 3 Strike B puts and Buy (long) Strike D put Bias: Slightly Bearish Â
Name: Long Condor Spread w/ Calls Setup: Buy (long) Strike A call and Sell (short) Strike B call and Sell (short) Strike C call and Buy (long) Strike D call Bias: Neutral Â
Name: Long Condor Spread w/ Puts Setup: Buy (long) Strike A put and Sell (short) Strike B put and Sell (short) Strike C put and Buy (long) Strike D put Bias: Neutral
 Name: Iron Condor Setup: Buy (long) Strike A put and Sell (short) Strike B put and Sell (short) Strike C call and Buy (long) Strike D call Bias: Neutral Â