... and you expect it to rally into a range of between 105 and 115 , then you can buy the 100 110 –120 call but-terfly. This spread costs more than the adjacent strike, 105 110 115 call butterfly, ... was sold to investors as a means of ‘downside pro-tection’, in other words, calls were written against a stock portfolio in order to compensate for a price decline, and in the meantime, to earn ... have different behaviour due to early exercise. Puts on stocks are more likely to be exercised early if trading at parity, because a put is the right to sell the stock and raise cash.Because...