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Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Strategy
Advanced
Iron Butterfly
A credit options strategy combining a short straddle with long wings to cap risk.
Detail
Iron Butterfly consists of selling a call and a put at the same strike and expiration (short straddle), while simultaneously buying a further out-of-the-money call and put to define risk. It profits if the underlying stays near the center strike, and offers a high reward-to-risk ratio in tight markets.
Iron Butterfly is built by selling one ATM call and one ATM put, both at the same strike, and buying one lower-strike put and one higher-strike call. This creates a position with limited risk and limited reward. The position benefits most when the underlying finishes at or near the strike of the short options. It is similar to an Iron Condor, but with both short legs at the same strike, resulting in a more concentrated profit zone.
Optimal conditions
Best used in low volatility environments when the underlying is expected to stay near a certain price level.
Max profit
Maximum profit equals the net premium received if the underlying expires at the short strike.
Max loss
Maximum loss is the difference between strikes minus net premium received.
Risks
Defined risk on both sides. Risk increases if underlying moves far from the center strike.
Greeks
Delta: near neutral. Theta: strongly positive. Vega: negative.
Variations
Iron Condor, Long Butterfly, Narrow Condor, ATM Condor.
Usage example
Sell 1 Put and 1 Call at strike 100, Buy 1 Put at 95 and 1 Call at 105. The trade receives a premium and profits if the price stays around 100.
DTE
Typically 20–45 days to expiration. The shorter the DTE, the higher the theta decay.
IV (implied volatility)
Best suited for low IV environments. Rising IV can reduce profitability.
Premium
The strategy is entered for a net credit, which represents the max profit.
Margin
Low margin due to defined risk. Margin is usually equal to max potential loss.
Poznámky
Also referred to as "Iron Fly" in trader slang.
Tags
iron butterfly, iron fly, short straddle, defined risk, neutral strategy, high theta
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