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Wings

Wings		A term to describe a portion of a butterfly or condor. In a long butterfly, for instance, the wings are the options that are purchased and have the highest and lowest strike prices. The body consists of the short options with the middle strike prices.

Related Terms
		Butterfly The sale (or purchase) of two identical options, together with the purchase (or sale) of one option with an immediately higher ... Options An option is a type of derivative - its value is derived from an underlying asset, such as a stock. The ... Calendar Spread Applying to derivative products, a strategy in which there is a simultaneous purchase and sale of options of the same class ...

 

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