Source Material:

Long and Short a Call

Long a Put

Short a Put

Long a Call and Put at the same strike : Long Straddle

Short Straddle

Long a Butterfly:  Short Butterfly = Opposite*

*Long a call at one strike, short 2 calls at a higher strike, and long another call at an even higher strike creates a  +1/-2/+1 ratio ( puts work as well)

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