Build an Iron Butterfly Strategy
What is a iron butterfly?
An iron butterfly has similar characteristics to a put or call butterfly, but is established as a net credit. It is made of a combination of a bull put spread and a bear call spread.
Decreasing volatility will increase the profitable area and chance of profit, while increasing volatility will narrow the profitable range. Time is helpful when the position is profitable, and harmful when it isn't.
(also known as: Short Iron Butterfly)