Combining two short calls at a middle strike, and one long call each at a lower and upper strike creates a long call butterfly. The upper and lower strikes (wings) must both be equidistant from the middle strike (body), and all the options must have the same expiration date.
Looking for the underlying stock to achieve a specific price target at the expiration of the options.
This strategy generally profits if the underlying stock is at the body of the butterfly at expiration.
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