Reverse Iron Butterfly

A Reverse Iron Butterfly is a neutral, high-volatility strategy constructed from a short out of the money call (red), a long put struck at or near the money (green), a long call struck at or near the money (blue), and a short put struck further out of the money (yellow). It’s a special case of a Reverse Iron Condor where the condor’s central long strangle is collapsed the butterfly’s central long straddle. Also called a Short Butterfly.