Longcan be though of as the combination of a long put/call spread, and a short put/call spread, where the two short options share the same short strike.
Today, Mike breaks down the long butterfly spread, and gives you an alternative way to think of it. He helps you understand the mechanics of the trade itself, and WHY max profit is achieved if the stock price is at the short strikes at expiration.
He even gives you a few takeaways as well!
You can download these slides by clicking the "slides" button in the lower right corner of your video player!