Do they have a default direction (i.e. which side is long which side is short)? It drives me nuts when some questions assume this.
A butterfly (or long butterfly) has a payoff that looks like this: _/\_
An inverse butterfly (or short butterfly) has a payoff that looks like this: ÂŻ\/ÂŻ
A condor (or long condor) has a payoff that looks like this: _/ÂŻ\_
An inverse condor (or short condor) has a payoff that looks like this: ÂŻ\_/ÂŻ
Note that if they add the adjective “iron” (iron butterfly, iron condor), they mean that you’re using both puts and calls to build the spread; without “iron” it is understood that you’re using either only calls or else only puts.
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thank you magician.
btw your drawings reminds me of reading your explanation about butterfly spread somewhere in level 2 forum.