The Plays

Name: Long Calendar Spread w/ Calls Setup: Sell (short) Strike A call (front month) and Buy (long) Strike A call at a later month (back month) Bias: Neutral  

Name: Long Calendar Spread w/ Puts Setup: Sell (short) Strike A put (front month) and Buy (long) Strike A put at a later month (back month) Bias: Neutral  

Name: Diagonal Spread w/ Calls Setup: Sell (short) out-of-the-money Strike A call (front month) and Buy (long) Strike B call at a later month (back month) and When the short call expires sell another call at Strike A Bias: Neutral to Bearish  

Name: Diagonal Spread w/ Puts Setup: Sell (short) out-of-the-money Strike B put (front month) and Buy (long) Strike A put at a later month (back month) and When the short put expires sell another put at Strike B Bias: Neutral to Bullish  

Name: Long Butterfly w/ Calls Setup: Buy (long) Strike A call and Sell (short) 2 Strike B calls and Buy (long) Strike C call Bias: Neutral  

Name: Long Butterfly w/ Puts Setup: Buy (long) Strike A put and Sell (short) 2 Strike B puts and Buy (long) Strike C put Bias: Neutral  

Name: Iron Butterfly Setup: Buy (long) Strike A put and Sell (short) Strike B put and Sell (short) Strike B call and Buy (long) Strike C call Bias: Neutral  

Name: Broken Wing Butterfly w/ Calls Setup: Buy (long) Strike A call and Sell (short) 2 Strike B calls and Buy (long) Strike D call Bias: Slightly Bullish  

Name: Broken Wing Butterfly w/ Calls Setup: Buy (long) Strike A put and Sell (short) 2 Strike C puts and Buy (long) Strike D put Bias: Slightly Bearish  

Name: Inverse Broken Wing Butterfly w/ Calls Setup: Sell (short) Strike A call and Buy (long) 2 Strike B calls and Sell (short) Strike D call Bias: Slightly Bullish