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+Spreads Cotnbining 
+Calls and Puts 
+Certain types of spreads can be constructed that utilize both puts and calls. One of 
+these strategies has been discussed before: the butterfly spread. However, other 
+strategies exist that off er potentially large profits to the spreader. These other strate­
+gies are all variations of calendar spreads and/or straddles that involve both put and 
+call options. 
+THE BUTTERFLY SPREAD 
+This strategy has been described previously, although its usage in Chapter 10 was 
+restricted to constructing the spread with calls. Recall that the butterfly spread is a 
+neutral position that has limited risk as well as limited profits. The position involves 
+three striking prices, utilizing a bull spread between the lower two strikes and a bear 
+spread between the higher two strikes. The maximum profit is realized at the middle 
+strike at expiration, and the maximum loss is realized if the stock is above the higher 
+strike or below the lower strike at expiration. 
+Since either a bull spread or a bear spread can be constructed with puts or calls, 
+it should be obvious that a butterfly spread ( consisting of both a bull spread and a 
+bear spread) can be constructed in a number of ways. In fact, there are four ways in 
+which the spread can be established. If option prices are fairly balanced - that is, the 
+arbitrageurs are keeping prices in line - any of the four ways will have the same 
+potential profits and losses at expiration of the options. However, because of the ways 
+in which puts and calls behave prior to their expiration, certain advantages or disad-
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