Long Iron Butterfly

A strategy using calls where the trader sells a lower strike call, buys a higher strike call and another higher strike call.

A bearish net credit strategy using calls where the trader buys a higher strike call and sells a lower strike call. The higher strike call will be cheaper, hence the net credit. Bear Call spreads have limited risk and reward and are more profitable as the underlying asset price falls.

A spread using puts where the trader sells a lower strike put, buys a higher strike put and another higher strike put.