买入看涨期权蝶式策略
Long butterfly is constructed with either calls or puts or combination of calls and puts with three different strikes.
An example of long call butterfly is to purchase a lower strike (in-the-money) call and a higher strike (out-of-the-money) call, and at the same time sell two middle strike (at-the-money) call.
Long butterfly is a market neutral strategy as it can be viewed as a combination of a bull spread with a bear spread.