Also known as: Long Call Butterfly · Call Fly
Buy 1 lower call + sell 2 ATM calls + buy 1 higher call. Max profit at the body strike.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy one lower call, sell two middle calls, buy one higher call — equal wing widths. A cheap bet that the stock finishes near the middle strike.
When you have a specific price target at expiration. Small debit, large payoff if the pin hits; think of it as a precision instrument.
Maximum loss is the small debit — but the probability of hitting the sweet spot is correspondingly low. The classic low-cost, low-odds, high-payout structure.
Similar: Nearly identical payoff centered on the body.
Different: This one is all calls for a debit; the iron fly mixes puts and calls for a credit.
Similar: Same three-strike structure.
Different: Skewing one wing wider removes risk on one side (often entering for a credit) in exchange for more risk on the other.
New to options? Start with the free curriculum — or see which strategy fits your outlook.
Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.