A related options spread can built by combining a bullish call (or put)
spread with a bearish one. If the two spreads are centered at the same price -
for example short a put at 95, long a put and long a call at 100, and short a
call at 105 - it is called an iron butterfly. In terms of profit and
loss potential, it acts very much like a basic butterfly strategy. If the two
spreads do not overlap, the position is called a condor.