purchased for $1.00, and at the option's expiration the price of the stock or index is the same as when entered. The return generated for this position is: GHI Iron Butterfly Return = [(3 - 1)+(3 - 1)]/{max(110-100,100-90) - [(3 - 1)+(3 - 1)]} = 66.7%. Iron Butterflies have higher returns than iron condors, but the stock price range where the iron butterfly position is profitable is much less than for the iron condor. Married put return The married put (also known as a protective put) is a bullish strategy and consists of the purchase of a long stock and a long put option. The married put has limited downside risk provided by the purchased put option and a potential return which is infinite. Calculations for the Married Put Strategy are: Net Debit = Stock Price + Put Ask Price Break Even = Net Debit Maximum Risk = Net Debit - Put Strike Price % Max Risk = Maximum Risk / Net Debit Maximum Profit = Unlimited Example 1: Stock XYZ at $49.90 per share Buy 100 shares stock XYZ at $49.90 Buy 1 contract 55 strike Put (ITM) for $6.10 Net Debit = $49.90 + $6.10 = $56.00 Break Even = $56.00 Maximum Risk = $56.00 - $55.00 = $1.00 % Max Risk = $1.00 / $56.00 = 1.8% References Zerenner, Ernie and Greg Zerenner, Covered Calls - Aggressive Strategy for the Conservative Investor, 1st edition, Power Financial Group, 2005, pp. 107–108. Zerenner, Ernie and Kurt Frankenberg, The Blueprint - Limited Risk Investing & Unlimited Profit Potential, 9th edition, Power Financial Group, Inc., 2008-2011 . External links Covered Call Help Bull Put Credit Spread Help Bear Call Credit Spread Help Iron Condor Help Collar Help Naked Put Help Calendar Call Help Iron Butterfly Help Married Put Help Options (finance)