Condor vs butterfly
Quantitative Finance
Level
2
What is the difference between a condor and a butterfly?
The condor has more meat and is closer to the ATM
The middle strikes of a condor occur at different prices
The condor is only traded in Asia
The condor is larger and has wings that are more than 10% wide
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1 solution
A butterfly involves buying a lower and a higher strike calls and selling two middle strike calls. A condor is similar except that the two middle strike calls are of different strike prices.