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Long Iron fly:

Sell 1 $35 MSFT Put at $50 (Premium)

Buy 1 $45 MSFT Put at $300 (Premium)

Sell 1 $45 MSFT Call at $300 (Premium)

Sell 1 $55 MSFT Call at $50 (Premium)

Initial Debit (Loss): $500 ($100 – 600 =Minus500) (Max Loss)

Short Iron fly:

Sell 1 $45 MSFT Call at $2 (Premium)

Buy 1 $50 MSFT Call at $4 (Premium)

Buy 1 $50 MSFT Call at $4 (Premium)

Sell 1 $55 MSFT Call at $3 (Premium)

Initial Credit (Profit): $300 ($4+4 – 2+3 =3) (Max Profit)