Long Iron Butterfly, Long Iron Condor, Wrangles and their Synthetics: Risk, Reward, G

It's on the way, my friend.

 

Generally if you pay a debit, you are long the spread and if you receive a credit, you are short the spread. This is the general rule of thumb.

 

Sorry guys I was busy today. It looks like the option threads have been pretty busy today. A wrangle is a backspread.

 

A wrangle.

 

A short iron condor is long the body, short the wings. This can be used as a great short volty play.

 

A short iron is vega positive, is it not?

 

I thought it was achieved by being long the wings and short the body e.g. selling a strangle and buying an outer strangle... or selling a bull put spread and selling a bear call spread ?

 

I thought a wrangle is a call backspread combined with a put backspread.

 

Actually I think you are right, I posted too quick earlier. I never use the term short iron condors. I was thinking of just a short condor. Semantics will kill you on this board. LOL

 

Alright now I am getting confused.
so many different notations and conventions...

What is this: long strangle at the wings, short body strangle - LONG OR SHORT IRON CONDOR

What is this: short strangle at the wings, long body strangle - LONG OR SHORT IRON CONDOR.

Where do you receive a credit - Long or Short Iron condor.

I have seen both referred to as long or short by different traders, authors...is there no convention?