... butterfly is too limited, it can be extended by shifting the short put spread to the next two lower strikes. If XYZ is at 100, you could buy one 100 put, sell one 95 put, sell one 90 put, and ... long call butterfly in stocks, you may be assigned an unwanted short stock position, and with a long put butterfly in stocks, you may be assigned an unwanted long stock position. In all these ... spreads and put spreads 1 39 For example, if you expect Marks and Spencer to retrace to 330, you could pay 0.75 for the April 320–330–340 put butterfly. You do this by paying 6.25 for the 340...