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+XYZ common, 70; 
+XYZ July 50, 20; 
+XYZ July 60, 12; and 
+XYZ July 70, 5. 
+Part II: Call Option Strategies 
+The butterfly spread would require a debit of only $100 plus commissions to estab­
+lish, because the cost of the calls at the higher and lower strike is 25 points, and a 24-
+point credit would be obtained by selling two calls at the middle strike. This is indeed 
+a low-cost butterfly spread, but the stock will have to move down in price for much 
+of a profit to be realized. The maximum profit of $900 less commissions would be 
+realized at 60 at expiration. The strategist would have to be bearish on XYZ to want 
+to establish such a spread. 
+Without the aid of an example, the reader should be able to determine that if 
+XYZ were originally at 50, a low-cost butterfly spread could be established by buying 
+the 50, selling two 60's, and buying a 70. In this case, however, the investor would 
+have to be bullish on the stock, because he would want it to move up to 60 by expi­
+ration in order for the maximum profit to be realized. 
+In general, then, if the butterfly spread is to be established at an extremely low 
+debit, the spreader will have to make a decision as to whether he wants to be bullish 
+or bearish on the underlying stock. Many strategists prefer to remain as neutral as 
+possible on the underlying stock at all times in any strategy. This philosophy would 
+lead to slightly higher debits, such as the $300 debit in the example at the beginning 
+of this chapter, but would theoretically have a better chance of making money 
+because there would be a profit if the stock remained relatively unchanged, the most 
+probable occurrence. 
+In either philosophy, there are other considerations for the butterfly spread. 
+The best butterfly spreads are generally found on the more expensive and/or more 
+volatile stocks that have striking prices spaced 10 or 20 points apart. In these situa­
+tions, the maximum profit is large enough to overcome the weight of the commission 
+costs involved in the butterfly spread. When one establishes butterfly spreads on 
+lower-priced stocks whose striking prices are only 5 points apart, he is normally put­
+ting himself at a disadvantage unless the debit is extremely small. One exception to 
+this rule is that attractive situations are often found on higher-priced stocks with 
+striking prices 5 points apart (50, 55, and 60, for example). They do exist from time 
+to time. 
+In analyzing butterfly spreads, one commonly works with closing prices. It was 
+mentioned earlier that using closing prices for analysis can prove somewhat mislead­
+ing, since the actual execution will have to be done at bid and asked prices, and these