Fact checked by Hans Daniel JaspersonReviewed by Akhilesh GantiFact checked by Hans Daniel JaspersonReviewed by Akhilesh Ganti A modified butterfly spread is an options strategy that adjusts a ...

Butterfly spreads use specific option combos to bet on stock volatility levels. Long butterfly spreads profit if the stock price hits the middle strike at expiration. Short butterfly spreads gain ...

If we head over to the TSLA page, and then under Options Strategies choose Butterfly Spreads. We are presented with 5 tabs representing the different types of Butterfly Spreads.