LONG PUT BUTTERFLY	BULL CALENDER 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..	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 Vs BULL CALENDER SPREAD - Details

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

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

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

LONG PUT BUTTERFLY Vs BULL CALENDER SPREAD - Risk & Reward

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

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

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