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To: John Pitera who wrote (44011)5/30/1999 11:44:00 AM
From: Knighty Tin  Respond to of 86076
 
John, The butterfly you had was lopsided as the sell parts are at different strike prices. A straight butterfly would be something like long 150 calls, short 160 calls, short 160 puts, long 170 puts. They are very hard to put on, due to four sides, and can be expensive on commissions if you get less contracts than you want. I tend to leg into them, perhaps doing the credit bear spread first and the credit bull spread if the bear spread works my way early on.


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