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Mike Buckle and John Thompson

.5 . (ii)   Butterfly spread. A butterfly strategy is also similar to a straddle, examined earlier in this section, and has the same underlying rationale of trading against movements in the volatility of exchange rates. In this strategy, however, a floor is provided for the maximum loss or a ceiling to the maximum gain. Purchase of a butterfly (a long butterfly) entails buying an

in The UK financial system (fifth edition)