蝶状价差(Butterfly Spread)是金融期权的价差交易策略中比较重要的一种策略,该策略由投资者买进两个期权和卖出两个期权所形成。这些被买进和卖出的期权属于同一个垂直系列,也就是说,他们的到期日相同,而协定价格不同。所以,蝶状价差可分为多头蝶状价差(Nike Air Force 1,Jordan Shoes Nike Shoes Jordan Retro Shoes Sneaker Forum Sneakers,Nike Jordans Shoes,Nike Dunks Shoes,Nike Air Force 1,Nike Air Jordans Kicks & Nike Air Force Ones Shoes.authentic air force ones,authentic nike dunks,air jordans release dates, Sneaker News,Wholesale jordans, Cheap jordan shoes, Nike shoes,Nike Air Max 2009 Nike sneakers, Air max 90/Air Jordan 2,Cheap Retro Jordan 2,Air Jordan Retro 2 Shoes,Wholesale Nike Air Jordan Shoes and Cheap Kids Jordan Sneakers ,Jordan Shoes, Air Jordan, Nike Dunks, Dunks SB, Nike SB New latest nike shoes, air jordans,Wholesale China Shoes.nike dunks, kids jordans, nike sneakers and jordan sneakers.Nike Shox R4,Nike Sneakers, Jordan Sneakers, authentic air jordans,authentic custom air force ones,authentic air force ones sale,China Wholesale;authentic nike dunks,authentic nike,authentic jordans,authentic bathing apes,Air Max 93 Classic,exclusive air force ones,Air Max 95,authentic nike blazers,authentic nike air force ones,authentic jordans,authentic vans,authentic air jordans,custom nike dunks,wholesale clothing.real nike dunks,authentic dunks,authentic jordans,authentic custom jordans,authentic air jordans,authentic cheap jordans,authentic nike dunks,authentic air force ones,MBT Shoes,Cheap MBT Shoes,Air Max Shoes,MBT Shoes Discount,MBT Shoes on sale,air jordans,jordan shoes,Air Force 1s,Nike Dunks, Nike Air Jordan, Nike Air Rift, Timberland Boot, Prada Shoes.Wholesale Nike Air Jordan , buy cheap Air JordansLong Butterfly)与空头蝶状价差(Short Butterfly)两种。
其中,多头蝶状价差是指投资者买进一个协定价格较低的看涨期权和一个协定价格较高的看涨期权,同时卖出两个协定价格介于上述两个协定价格之间的看涨期权。而空头蝶状价差是多头蝶状价差的反向操作,即投资者在建立空头蝶状部位时,将卖出一个协定价格较低的期权和一个协定价格较高的期权,并在同时买进两个协定价格介于上述两个协定价格之间的期权。
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