how is a long call butterfly spread constructed 
the long call butterfly spread is created by buying a one in the money call option with a low strike price writing selling two at the money call options and buying one out of the money call option with a higher strike price net debt is created when you enter the trade the maximum profit is achieved if the price of the underlying asset at expiration is the same as the written calls the max profit is equal to the strike of the written option less the strike of the lower call premiums and commissions paid the maximum loss is the initial cost of the premiums paid plus commissions 