Iron Butterfly Gut Option Strategy ???

N

newesttrader1

Can any clever guy tell me the pay-off diagram for this strategy:

long iron gut butterfly: +call -call -put +put,
(strike1 lower than strike2 lower than strike2 lower than strike4)

short iron gut butterfly: -call +call +put -put,
(strike1 lower than strike2 lower than strike2 lower than strike4)

TIA,

Andrew
 
Will this work?

___/\____

long iron gut butterfly: +call -call -put +put,
(strike1 lower than strike2 lower than strike2 lower than strike4)


___ ____
......\/

short iron gut butterfly: -call +call +put -put,
(strike1 lower than strike2 lower than strike2 lower than strike4)
 
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