LONG PUT BUTTERFLY	NEUTRAL CALENDAR SPREAD
About Strategy	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..	Neutral Calendar Spread Option strategy  This strategy is implemented if the trader is neutral in the near future for say 2 months or so. This strategy involves writing of Near Month 1 ATM Call Option and buying 1 Mid Month ATM Call Option, hence reducing the cost of purchase, with the same strike price of the same underlying asset. This strategy is used when the trader wants to make money from the .. Read more..

LONG PUT BUTTERFLY Vs NEUTRAL CALENDAR SPREAD - Details

	LONG PUT BUTTERFLY	NEUTRAL CALENDAR SPREAD
Market View	Neutral	Neutral
Type (CE/PE)	PE (Put Option)	CE (Call Option)
Number Of Positions	4	2
Strategy Level	Advance	Beginners
Reward Profile	Limited	Limited
Risk Profile	Limited	Limited
Breakeven Point	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	-

LONG PUT BUTTERFLY Vs NEUTRAL CALENDAR SPREAD - When & How to use ?

	LONG PUT BUTTERFLY	NEUTRAL CALENDAR SPREAD
Market View	Neutral	Neutral
When to use?	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 is implemented if the trader is neutral in the near future for say 2 months or so. This strategy involves writing of Near Month 1 ATM Call Option and buying 1 Mid Month ATM Call Option.
Action	Buy 1 OTM Put, Sell 2 ATM Puts, Buy 1 ITM Put	Sell 1 Near-Term ATM Call, Buy 1 Long-Term ATM Call
Breakeven Point	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	-

LONG PUT BUTTERFLY Vs NEUTRAL CALENDAR SPREAD - Risk & Reward

	LONG PUT BUTTERFLY	NEUTRAL CALENDAR SPREAD
Maximum Profit Scenario	Strike Price of Higher Strike Long Put - Strike Price of Short Put - Net Premium Paid - Commissions Paid	Maximum Profit Limited When underlying stock price remains unchanged on expiration of the near month options.
Maximum Loss Scenario	When Price of Underlying <= Strike Price of Lower Strike Long Put OR Price of Underlying >= Strike Price of Higher Strike Long Put	It occurs when the stock price goes down and stays down until expiration of the longer term options.
Risk	Limited	Limited
Reward	Limited	Limited

LONG PUT BUTTERFLY Vs NEUTRAL CALENDAR SPREAD - Strategy Pros & Cons

	LONG PUT BUTTERFLY	NEUTRAL CALENDAR SPREAD
Similar Strategies	Iron Condors, Iron Butterfly	Long Put Butterfly, Iron Butterfly
Disadvantage	• Risk is higher than reward. • When the underlying price is in between the two breakeven points, time decay hurts the position.	• Lower profitability • Must have enough experience.
Advantages	• Limited maximum loss. • Unlimited profit potential, risk only limited to loss of premium. • Benefits from low volatility.	• Almost zero margin required. • Ability to profit from time decay, limited risk. • This strategy allows you to transform position into long position.