1. 常用期权策略演化

Straddle/Strangle/Iron Butterfly/Iron Condor的演化

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2. Butterfly -> Condor的演化

注意，Butterfly和Condor不怎么常用，其实因为很难用。实际应用中他们可以分别由Iron Butterfly和Iron Condor替代。

Condor是由Butterfly演化而来：即把Butterfly中间腿分开区间：

Butterfly -> Condor

3. Butterfly/Iron Butterfly/Condor/Iron Condor的区别关系

类型	<raw>	Iron(类型不同)
Butterfly	BuyCall-SellCall&SellCall-BuyCall 期权类型相同(4Call,或4Put) 中间两腿行权价相同，类型相同 所以这相当于三腿，中间腿双份	ButPut-SellPut&SellCall-BuyCall 期权类型不同(2Call+2Put) 中间两腿行权价相同，类型不同
Condor (价不同)	BuyCall-SellCall-SellCall-BuyCall 期权类型相同(4Call,或4Put) 中间两腿行权价不同，类型相同	BuyPut-SellPut-SellCall-BuyCall 期权类型不同(2Call+2Put) 中间两腿行权价不同，类型不同

3. 策略与Vertical Spread的演化关系

• Butterfly/Condor

分类	ALL
Long Call	Long Call Spread + Short Call Spread
Long Put	Short Put Spread + Long Put Spread
Short Call	Short Call Spread + Long Call Spread
Short Put	Long Put Spread + Short Put Spread

• Iron Butterfly/Iron Condor

分类	ALL
Long	Long Put Spread + Long Call Spread
Short	Short Put Spread + Short Call Spread

4. 策略具体操作

1. Straddle

• Call : BuyCall + BuyPut (Call和Put的行权价相同)
• Put : SellCall + SellPut

2. Strandle

把Straddle的Call和Put分开使用不同的行权价，就构成Strangle

• Call : BuyCall1 + BuyPut1 (Call和Put的行权价不同)
• Put : SellCall1 + SellPut1

3. Butterfly

• Long Call: BuyCall1 * 1 + SellCall2 * 2 + BuyCall3 * 1
• Long Put: BuyPut1 * 1 + SellPut2 * 2 + BuyPut3 * 1
• Short Call: SellCall1 * 1 + BuyCall2 * 2 + SellCall3 * 1
• Short Put: SellPut1 * 1 + BuyPut2 * 2 + SellPut3 * 1

4. Iron Butterfly

是由Straddle演化而来，由Straddle两端加一个保护。

• Long：SellPut2 + BuyCall1 & BuyPut1 + SellCall2
• Short：BuyPut2 + SellCall1 & SellPut1 + BuyCall2

5. Condor

由Butterfly演化而来：把中间腿分开

• Long Call: BuyCall1 + SellCall2 + SellCall3 + BuyCall4
• Long Put: BuyPut1 + SellPut2 + SellPut3 + BuyPut4
• Short Call: SellCall1 + BuyCall2 + BuyCall3 + SellCall4
• Short Put: SellPut1 + BuyPut2 + BuyPut3 + SellPut4

6. Iron Condor

由Strangle演化而来：把两端再买回来

• Long: SellPut2 + BuyPut1 + BuyCall1 + SellCall2
• Short: BuyPut2 + SellPut1 + SellCall1 + BuyCall2