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I have not tried Iron Butterflies so have no comment about them. I have used Iron Condors quite a few times with SPX and a few times with individual stocks. Not sure they are a great strategy with individual stocks that can move quickly based on unexpected news or earnings reports.

"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?"

A1: Yes max loss is $2.00 (minus the net credit at open and minus broker fees + commissions)per share or $200 for 1 contract.

A2: Yes it is assembled correctly.


There is a lot of good option info/examples from optionalpha.com
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