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I'd like to confirm max loss on a couple of iron butterfly/ iron cross trades. I've never played with this kind of trade. My understanding is that they are ideal for range bound stocks. I want to make sure that understand their construction and loss profile properly.

First the iron butterfly:

long Jan21,2021 AFL 60 call
short Jan21 AFL 57.50 call
short Jan21 AFL 57.50 put
long Jan21 AFL 55 put

Q1: The max loss on this position is $250 (minus the net credit on the options) if AFL closes over 60 or under 55 on Jan21. Correct?
Q2: Is this trade assembled correctly?

Now the iron condor:

long Jan21 AFL 60 call
short Jan21 AFL 58 call
short Jan21 AFL 57 put
long Jan21 AFL 55 put

Q1: The max loss is $200 (minus the net credit) if AFL closes over 60 or under 55. Correct?
Q2: Is this condor assembled correctly?

Thanks in advance!
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