On the other hand, an Iron Butterfly is an options strategy designed to profit from decreasing implied volatility. It is made up of 3 strikes where the butterfly's body is created by selling two options, a call, and a put, of the exact same strike price. The wings are created by buying a call and a put that are a certain distance from the strikes which make up the body of the butterfly. This is key to understanding the auto trading platform's enforcement of strikes. An Iron Butterfly is unique from an Iron Condor in that the Iron Butterfly has two shorts strikes, one call, and one put, of the exact same delta. Where the Iron Condor has 4 strikes of any delta.