Butterfly spread is a popular options trading strategy that involves the simultaneous purchase and sale of options contracts. It is named for the shape the options positions make on a graph resembling a butterfly. There are a few synonyms for the term butterfly spread. Some traders refer to the strategy as a "broken-wing butterfly" or a "skip-strike butterfly." The first term refers to a variation of the classic butterfly spread where the trader changes the distance between strike prices, creating an imbalance. The second term refers to a butterfly spread that skips over a strike price, rather than using consecutive strikes. Regardless of the name, butterfly spreads are a complex yet effective options strategy employed by experienced traders.