The long call butterfly spread is a defined-risk, limited-profit options strategy designed for traders who expect minimal price movement in the underlying asset. Unlike the short call butterfly, which benefits from high volatility, the long butterfly thrives when the stock price remains near a specific level at expiration. More News from Barchart The long call butterfly involves three components, structured around a central strike price: Buy 1 lower-strike ITM call Sell 2 ATM calls (at the target st ...