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training_data/curated/text/74f5a3625b4f2c8e6f060fdcb7d0d002f8f58c15704142fced7ddc0d0e68eb5c.txt

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+initial debit). If we distribute the 0.90 profit over the 2.50 move from
+$33.50 to $36, the butterfly gains about 0.36 per dollar move in Walgreen
+Co. (0.90/(36 − 33.50). This implies a delta of about 0.36.
+But the delta, with 31 days until expiration and Walgreen Co. at $33.50, is
+only 0.008, and because of negative gamma this delta will get even smaller
+as Walgreen Co. rises. Butterflies, like the vertical spreads of which they are
+composed, can profit from direction but are never purely directional trades.
+Time is always a factor. It is theta, working in tandem with delta, that
+contributes to profit or peril.
+A bearish butterfly can be constructed as well. One would execute the
+trade with all OTM puts or all ITM calls. The concept is the same: sell the
+guts at the strike at which the stock is expected to be trading at expiration,
+and buy the wings for protection.