SHORT PUT BUTTERFLY	SYNTHETIC LONG CALL
About Strategy	Short Put Butterfly Option Strategy  In Short Put Butterfly strategy, a trader is neutral in nature and expects the market to remain range bound in the near future. A trader will buy 2 ATM Put Options; sell 1 ITM & 1 OTM Put Options. Here risk and returns both are limited. Risk:< Read more..	Synthetic Long Call Option Strategy A trader is bullish in nature for short term, but also fearful about the downside risk associated with it. Here, a trader wants to hold an underlying asset either in physical form like in case of commodities or demat (electronic) form in case of stocks. But he is always exposed to downside risk and in order to mitigate his losses, .. Read more..

SHORT PUT BUTTERFLY Vs SYNTHETIC LONG CALL - Details

	SHORT PUT BUTTERFLY	SYNTHETIC LONG CALL
Market View	Neutral	Bullish
Type (CE/PE)	PE (Put Option)	CE (Call Option)
Number Of Positions	4	2
Strategy Level	Advance	Beginners
Reward Profile	Limited	When Price of Underlying > Purchase Price of Underlying + Premium Paid
Risk Profile	Limited	Limited (Maximum loss happens when the price of instrument move above from the strike price of put)
Breakeven Point	Upper Breakeven Point = Strike Price of Highest Strike Short Put - Net Premium Received, Lower Breakeven Point = Strike Price of Lowest Strike Short Put + Net Premium Received	Underlying Price + Put Premium

SHORT PUT BUTTERFLY Vs SYNTHETIC LONG CALL - When & How to use ?

	SHORT PUT BUTTERFLY	SYNTHETIC LONG CALL
Market View	Neutral	Bullish
When to use?	In Short Put Butterfly strategy, a trader is neutral in nature and expects the market to remain range bound in the near future.	A trader is bullish in nature for short term, but also fearful about the downside risk associated with it.
Action	Sell 1 ITM Put, Buy 2 ATM Put, Sell 1 OTM Put	Buy 1 ATM Put or OTM Put
Breakeven Point	Upper Breakeven Point = Strike Price of Highest Strike Short Put - Net Premium Received, Lower Breakeven Point = Strike Price of Lowest Strike Short Put + Net Premium Received	Underlying Price + Put Premium

SHORT PUT BUTTERFLY Vs SYNTHETIC LONG CALL - Risk & Reward

	SHORT PUT BUTTERFLY	SYNTHETIC LONG CALL
Maximum Profit Scenario	Net Premium Received - Commissions Paid	Current Price - Purchase Price - Premium Paid
Maximum Loss Scenario	Strike Price of Higher Strike Short Put - Strike Price of Long Put - Net Premium Received + Commissions Paid	Premium Paid
Risk	Limited	Limited
Reward	Limited	Unlimited

SHORT PUT BUTTERFLY Vs SYNTHETIC LONG CALL - Strategy Pros & Cons

	SHORT PUT BUTTERFLY	SYNTHETIC LONG CALL
Similar Strategies	Short Condor, Reverse Iron Condor	Protective Put, Long Call
Disadvantage	• High risk strategy and may cause huge losses if the price of the underlying stocks falls steeply. • Higher profit is only possible when shares get close to expiration.	•Chances of loss if the underlying goes down. •Incur losses if option is exercised.
Advantages	• Benefits from time decay. • Traders can earn more in a rising or range bound scenario. • Benefits from a surge in volatility.	•Limited risk, unlimited profit. •Protection to your long-term holdings. • Limited loss to the to the premium paid for Put option.