Tag Archives: Iron Butterfly

Iron Butterfly Options Strategy: The Defined-Risk Credit Structure for SPX

The iron butterfly is the most misunderstood structure in options trading. It looks like an iron condor. It trades like a butterfly. And for 0DTE traders who understand when to deploy it, the iron butterfly delivers a risk-to-reward profile that neither structure achieves on its own. Defined risk. Centered precision. Maximum theta decay concentrated into […]