Name

Buy

Sell

Expiry

Strike Price

No. of No. of Variation Level of Strike Options strike price Price 1 2 Wide At the money level Same

Straddle Long

1 call 1put -----

-----

Same

Same

Short

1 call 1put

Same

Same

1

2

Less

Strangle Long

1 call 1put

----

Same

Differs

2

2

Wide

Short

-----

1 call 1put

Same

Differs

2

2

Less

Out of the money level Same

Butterfly Long

H--1 M L 1 H M 2 L

H M 2 L H--1 M L 1

Differs

3

4

Less

Short

Differs

3

4

wide

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