LONG CALL LADDER	LONG PUT BUTTERFLY
About Strategy	Long Call Ladder Option Strategy  Long Call Ladder Strategy is an extension to Bull Call Spread Strategy. A trader will be slightly bullish about the market, in this strategy but bearish over volatility. It involves buying of an ITM Call Option and sale of 1 ATM & 1 OTM Call Options. However, the risk associated with this strategy is unlimited and reward is limited. Read more..	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..

LONG CALL LADDER Vs LONG PUT BUTTERFLY - Details

	LONG CALL LADDER	LONG PUT BUTTERFLY
Market View	Neutral	Neutral
Type (CE/PE)	CE (Call Option)	PE (Put Option)
Number Of Positions	3	4
Strategy Level	Advance	Advance
Reward Profile	Unlimited	Limited
Risk Profile	Unlimited	Limited
Breakeven Point	Upper Breakeven Point = Total Strike Prices of Short Calls - Strike Price of Long Call - Net Premium Paid, Lower Breakeven Point = Strike Price of Long Call + Net Premium Paid	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 CALL LADDER Vs LONG PUT BUTTERFLY - When & How to use ?

	LONG CALL LADDER	LONG PUT BUTTERFLY
Market View	Neutral	Neutral
When to use?	This Strategy is an extension to Bull Call Spread Strategy. A trader will be slightly bullish about the market, in this strategy but bearish over volatility.	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.
Action	Buy 1 ITM Call, Sell 1 ATM Call, Sell 1 OTM Call	Buy 1 OTM Put, Sell 2 ATM Puts, Buy 1 ITM Put
Breakeven Point	Upper Breakeven Point = Total Strike Prices of Short Calls - Strike Price of Long Call - Net Premium Paid, Lower Breakeven Point = Strike Price of Long Call + Net Premium Paid	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 CALL LADDER Vs LONG PUT BUTTERFLY - Risk & Reward

	LONG CALL LADDER	LONG PUT BUTTERFLY
Maximum Profit Scenario	Strike Price of Lower Strike Short Call - Strike Price of Long Call - Net Premium Paid - Commissions Paid	Strike Price of Higher Strike Long Put - Strike Price of Short Put - Net Premium Paid - Commissions Paid
Maximum Loss Scenario	Price of Underlying - Upper Breakeven Price + Commissions Paid	When Price of Underlying <= Strike Price of Lower Strike Long Put OR Price of Underlying >= Strike Price of Higher Strike Long Put
Risk	Unlimited	Limited
Reward	Unlimited	Limited

LONG CALL LADDER Vs LONG PUT BUTTERFLY - Strategy Pros & Cons

	LONG CALL LADDER	LONG PUT BUTTERFLY
Similar Strategies	Short Strangle (Sell Strangle), Short Straddle (Sell Straddle)	Iron Condors, Iron Butterfly
Disadvantage	• Unlimited risk. • Margin required.	• Risk is higher than reward. • When the underlying price is in between the two breakeven points, time decay hurts the position.
Advantages	• Reduces capital outlay of bull call spread. • Wider maximum profit zone. • When there is decrease in implied volatility, this strategy can give profit.	• Limited maximum loss. • Unlimited profit potential, risk only limited to loss of premium. • Benefits from low volatility.