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Yes! Thank you, it helps. You explained that a short term long ATM straddle that is delta neutral would be long gamma. I assume the same would apply to a **long** strangle. The position wants higher volatility. That would not apply for a **long** butterfly because the position benefits from...

What makes an option strategy long or short? I got the impression that if it is a net debit (you pay to open the strategy) it is classified 'long' (strangle, straddle) Then I learned about the call butterfly which is short (when debited to open) and long (when credited to open) and got...