The difference between Iron Condor and the Iron Butterfly strategy is the short options are at the same strike price and generally at the money. An Iron Butterfly involves the same strategy as an iron condor consisting of two puts (one long and one short) and two calls (one long and one short), but with 3 strike price, and all with the same expiry. Investors will utilize this strategy in times of low volatile.
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Equity - Long
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