LONG PUT BUTTERFLY	REVERSE IRON CONDOR
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..	Reverse Iron Condor Option Strategy Reverse Iron Condor as the name suggests is the opposite of Iron Condors. In Reverse Iron Condor, a trader is bullish about volatility and expects the market to make a significant move in the near future in either direction. Here a trader will buy 1 OTM Call Option, sell 1 Deep OTM Call Option, buy 1 OTM Put Option, sell 1 Deep OTM Put Option. This strategy also .. Read more..

LONG PUT BUTTERFLY Vs REVERSE IRON CONDOR - Details

	LONG PUT BUTTERFLY	REVERSE IRON CONDOR
Market View	Neutral	Neutral
Type (CE/PE)	PE (Put Option)	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	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	Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid, Lower Breakeven Point = Strike Price of Long Put - Net Premium Paid

LONG PUT BUTTERFLY Vs REVERSE IRON CONDOR - When & How to use ?

	LONG PUT BUTTERFLY	REVERSE IRON CONDOR
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.	In Reverse Iron Condor, a trader is bullish about volatility and expects the market to make a significant move in the near future in either direction
Action	Buy 1 OTM Put, Sell 2 ATM Puts, Buy 1 ITM Put	Buy 1 OTM Put, Sell 1 OTM Put (Lower Strike), Buy 1 OTM Call, Sell 1 OTM Call (Higher Strike)
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	Upper Breakeven Point = Strike Price of Long Call + Net Premium Paid, Lower Breakeven Point = Strike Price of Long Put - Net Premium Paid

LONG PUT BUTTERFLY Vs REVERSE IRON CONDOR - Risk & Reward

	LONG PUT BUTTERFLY	REVERSE IRON CONDOR
Maximum Profit Scenario	Strike Price of Higher Strike Long Put - Strike Price of Short Put - Net Premium Paid - Commissions Paid	Strike Price of Short Call (or Long Put) - Strike Price of Long Call (or Short Put) - Net Premium Paid - Commissions Paid
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	Net Premium Paid + Commissions Paid
Risk	Limited	Limited
Reward	Limited	Limited

LONG PUT BUTTERFLY Vs REVERSE IRON CONDOR - Strategy Pros & Cons

	LONG PUT BUTTERFLY	REVERSE IRON CONDOR
Similar Strategies	Iron Condors, Iron Butterfly	Short Condor
Disadvantage	• Risk is higher than reward. • When the underlying price is in between the two breakeven points, time decay hurts the position.	• Potential loss is higher than gain. • Limited profit.
Advantages	• Limited maximum loss. • Unlimited profit potential, risk only limited to loss of premium. • Benefits from low volatility.	• Able to profit whether stocks move in either direction up or down. • This strategy can be used by option traders who cannot use credit spreads. • Predictable maximum loss and profits.