Iron Butterfly Option Strategy

Four legs, one workbook: sell a call and a put at the same middle strike, then buy a call above and a put below to cap both wings. The credit received is the maximum gain and the wings define the maximum loss, so the position is a defined risk bet that the underlying finishes near the short strike.

Each leg's option symbol is built from your inputs, with bid, ask and previous close pulled on demand and the underlying's last price alongside, so the net credit, the breakevens and the width of the profit tent stay current.