Today, we continue with our mini-series on Strategic Subtleties. So far, we’ve coveredand . In this segment, we compare a Butterfly versus an Iron Condor. While the Straddle/Strangle discussion was a way to play a neutral bias with undefined-risk, the Butterfly/Iron Condor gives us two ways to play that same neutral bias with defined-risk. James, , joins the set today, and he makes an excellent point about Butterflies and Iron Flies effectively being synthetic versions of one another.