Short butterfly is a way to realize profit if implied volatility is too low. A short butterfly in calls consists of short positions of single call options with (X+A) and (X-A) strikes and a long position of two calls of strike X, all calls having the same expiry.
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The screenshot shows the following portfolio:
European call struck at 9.000 with expiry in 30 days
European call struck at 10.000 with expiry in 30 days
European call struck at 11.000 with expiry in 30 days
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