Buying two puts at a middle strike, and selling one put each at a lower and upper strike results in a short put butterfly. The upper and lower strikes (wings) must both be equidistant from the middle strike (body), and all the options must be the same expiration.
The investor is hoping for the underlying stock to be outside of the wings at the expiration of options.
This strategy profits if the underlying stock is outside the wings of the butterfly at expiration.
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