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August 26, 2026
OVERVIEW
DEFINITION
An iron fly is essentially an iron condor with call and put credit spreads that share the same short strike. This creates a very neutral position that profits from the passage of time and any decreases in implied volatility. An iron fly is synthetically the same as a long butterfly spread using the same strikes.
DIRECTIONAL ASSUMPTION
Neutral
IDEAL IMPLIED VOLATILITY ENVIRONMENT
High
PROFIT/LOSS CHART
SETUP
Buy OTM Put Option
Sell Straddle
Buy OTM Call Option
HOW TO CALCULATE MAX PROFIT / BREAKEVEN(S)
MAX PROFIT
Credit Received
BREAKEVEN(S)
Upside:
Short Call Strike + Credit Received
Downside:
Short Put Strike – Credit Received
CurrencyVeda APPROACH
An iron fly is a defined-risk, at-the-money straddle. Due to the long call and put options, the iron fly requires much less buying power than a straddle. At tastylive, we generally use this strategy when we have a neutral assumption in a high implied volatility (IV) stock. Short iron fly profits are realized when volatility contracts and we are able to purchase the spread to close for less than the initial credit received.
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