Quote:
Originally Posted by barn32
3. Am I correct in assuming the trade starts out as a straightforward Put (or call) Butterfly spread? (He seemed to prefer doing these trades with puts for various reasons.) [Sell two at the money puts and buy two puts one in the money and one out of the money equal distances from the at the money strike.]
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Well, I see now after further viewing he starts out with a bearishly positoned Iron Butterfly.
I googled Iron Butterfly and came up with
In-A-Gadda-Da-Vida