Expectation : Neutral

Profit When : Stagnant

Risk : Limited

Reward : Limited

Upper Breakeven Pt : Higher Strike Price - Net Debit

Lower Breakeven Pt : Net Debit + Lower Strike Price

Max Profit : Total Price of ATM Calls - Total Premium of ITM and OTM Calls

OppiE's Note : Butterfly Spread is one of the most popular neutral options strategy in the world, profiting as long as the underlying stock remains within a tight range bounded by the upper and lower breakeven point.