Anis a defined risk , and allowable in an IRA account.
This strategy can also be thought of as anwhere the short options are on the same strike, or a defined risk big lizard. The point here is that all option strategies are just a combination of a few options, and a lot of them are very similar in terms of genetic makeup.
Mike walks through how to calculate profit points for an iron fly, and explains the differences and similarities this strategy has to the undefined risk version, the.
Tune in for a great discussion!