BULL CALENDER SPREAD	LONG PUT BUTTERFLY
About Strategy	Bull Calendar Spread Option Strategy This strategy is implemented when a trader is bullish on the underlying stock/index in the short term say 2 months or so. A trader will write one Near Month OTM Call Option and buy one next Month OTM Call Option, thereby reducing the cost of purchase, with the same strike price of the same underlying asset. This strategy is used when a trader wants to make prof 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..

BULL CALENDER SPREAD Vs LONG PUT BUTTERFLY - Details

	BULL CALENDER SPREAD	LONG PUT BUTTERFLY
Market View	Bullish	Neutral
Type (CE/PE)	CE (Call Option) + PE (Put Option)	PE (Put Option)
Number Of Positions	2	4
Strategy Level	Beginners	Advance
Reward Profile	Unlimited	Limited
Risk Profile	Limited	Limited
Breakeven Point	Stock Price when long call value is equal to net debit.	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

BULL CALENDER SPREAD Vs LONG PUT BUTTERFLY - When & How to use ?

	BULL CALENDER SPREAD	LONG PUT BUTTERFLY
Market View	Bullish	Neutral
When to use?	This strategy is used when a trader wants to make profit from a steady increase in the stock price over a short period of time.	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	Sell 1 Near-Term OTM Call, Buy 1 Long-Term OTM Call	Buy 1 OTM Put, Sell 2 ATM Puts, Buy 1 ITM Put
Breakeven Point	Stock Price when long call value is equal to net debit.	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

BULL CALENDER SPREAD Vs LONG PUT BUTTERFLY - Risk & Reward

	BULL CALENDER SPREAD	LONG PUT BUTTERFLY
Maximum Profit Scenario	You have unlimited profit potential to the upside.	Strike Price of Higher Strike Long Put - Strike Price of Short Put - Net Premium Paid - Commissions Paid
Maximum Loss Scenario	Max Loss = Premium Paid + 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	Unlimited	Limited

BULL CALENDER SPREAD Vs LONG PUT BUTTERFLY - Strategy Pros & Cons

	BULL CALENDER SPREAD	LONG PUT BUTTERFLY
Similar Strategies	The Collar, Bull Put Spread	Iron Condors, Iron Butterfly
Disadvantage	• Limited profit even if underlying asset rallies. • If the short call options are assigned when the underlying asset rallies then losses can be sustained.	• Risk is higher than reward. • When the underlying price is in between the two breakeven points, time decay hurts the position.
Advantages	• Limited losses to the net debit. • Enable trader to book profit even if underlying asset stays stagnant. • If the market trends reverse, cashing in from stock price movement at limited risk.	• Limited maximum loss. • Unlimited profit potential, risk only limited to loss of premium. • Benefits from low volatility.