SHORT CALL CONDOR SPREAD	LONG PUT BUTTERFLY
About Strategy	Short Call Condor Spread Option Strategy Short Call Condor Spread is the opposite of Long Call Condor Spread i.e. sell 1 Deep ITM Call Option, buy 1 ITM Call Option, buy 1 OTM Call Option, sell 1 Deep OTM Call Option. Similar to Long Call Condor, the risk and rewards associated with this strategy are limited. Credit is received at the time of entering into this strategy. Read more..	Long Put Butterfly Option Strategy  The Long Put Butterfly is a neutral strategy where a trader will be bearish on the volatility i.e. he thinks the market will have sideways kind of movement and will not rally sharply in either direction in the near future. This strategy involves sale of 2 ATM Put Options, buy 1 ITM and 1 OTM Put Option. The risk and reward are limited. Read more..

SHORT CALL CONDOR SPREAD Vs LONG PUT BUTTERFLY - Details

	SHORT CALL CONDOR SPREAD	LONG PUT BUTTERFLY
Market View	Volatile	Neutral
Type (CE/PE)	CE (Call Option)	PE (Put Option)
Number Of Positions	4	4
Strategy Level	Advance	Advance
Reward Profile	Limited	Limited
Risk Profile	Limited	Limited
Breakeven Point	Lower Breakeven = Lower Strike Price + Net Premium, Upper breakeven = Higher Strike Price - Net Premium	Upper Breakeven Point = Strike Price of Highest Strike Long Put - Net Premium Paid, Lower Breakeven Point = Strike Price of Lowest Strike Long Put + Net Premium Paid

SHORT CALL CONDOR SPREAD Vs LONG PUT BUTTERFLY - When & How to use ?

	SHORT CALL CONDOR SPREAD	LONG PUT BUTTERFLY
Market View	Volatile	Neutral
When to use?	This strategy is used when an investor expect the price of the underlying stock to be very volatile.	The Long Put Butterfly is a neutral strategy where a trader will be bearish on the volatility i.e. he thinks the market will have sideways kind of movement and will not rally sharply in either direction in the near future.
Action	Buy ITM Call Option + Buy OTM Call Option + Sell Deep OTM Call Option + Sell Deep ITM Call Option	Buy 1 OTM Put, Sell 2 ATM Puts, Buy 1 ITM Put
Breakeven Point	Lower Breakeven = Lower Strike Price + Net Premium, Upper breakeven = Higher Strike Price - Net Premium	Upper Breakeven Point = Strike Price of Highest Strike Long Put - Net Premium Paid, Lower Breakeven Point = Strike Price of Lowest Strike Long Put + Net Premium Paid

SHORT CALL CONDOR SPREAD Vs LONG PUT BUTTERFLY - Risk & Reward

	SHORT CALL CONDOR SPREAD	LONG PUT BUTTERFLY
Maximum Profit Scenario	Strike Price of Lower Strike Short Call - Strike Price of Lower Strike Long Call - Net Premium Paid	Strike Price of Higher Strike Long Put - Strike Price of Short Put - Net Premium Paid - Commissions Paid
Maximum Loss Scenario	Strike Price of Lower Strike Long Call - Strike Price of Lower Strike Short Call - Net Premium Received + Commissions Paid	When Price of Underlying <= Strike Price of Lower Strike Long Put OR Price of Underlying >= Strike Price of Higher Strike Long Put
Risk	Limited	Limited
Reward	Limited	Limited

SHORT CALL CONDOR SPREAD Vs LONG PUT BUTTERFLY - Strategy Pros & Cons

	SHORT CALL CONDOR SPREAD	LONG PUT BUTTERFLY
Similar Strategies	Short Strangle	Iron Condors, Iron Butterfly
Disadvantage	• Amount of profit is low in comparison with other strategies. • As this strategy has 4 legs so the brokerage cost is higher that will affect your profit.	• Risk is higher than reward. • When the underlying price is in between the two breakeven points, time decay hurts the position.
Advantages	• This strategy allows you to profit from highly volatile underlying assets moving in any direction. • Earn profit with little or no investment. • Wider profit zone.	• Limited maximum loss. • Unlimited profit potential, risk only limited to loss of premium. • Benefits from low volatility.