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Long Put Butterfly
The long put butterfly strategy has a setup purchasing 2 put options, 1 in the money and 1 out the money, while selling 2 at the money put options with the same strike price. This strategy is just like the long call butterfly, but with puts. This strategy has limited upside and also limited risk, the max profit is the difference between the short strike and the itm long strike, plus the cost of the trade.