Expectation : Neutral

Profit When : Stagnant

Risk : Limited

Reward : Limited

Upper Breakeven Pt : Short Call Strike + Net Credit

Lower Breakeven Pt : Short Put Strike - Net Credit

Max Profit : Net Credit

OppiE's Note : Iron Butterfly Spread is the credit spread version of the Butterfly Spread. It also has a higher profitability than the Iron Condor Spread due to selling ATM options even though it results in a tighter breakeven range.