I use them just for the decay. They are usually my last strategy whenever going through everyone. If a condor, calender, or DD does not fit a certain stock or index then I will use the butterfly. They work pretty well this those stocks with $5 strikes and low vols that you really can get a good OTM condor on or front and back month vols differ to much for a good calender or DD.
Id do use a broken wing butterfly as my directional to neutral play. I have shyed away from verticals and usually if I am looking for a direction, I will just put on a broken wing butterfly in that direction. It is a better risk reward for me than just using an vertical.
