期权交易策略期权交易策略Chapter 101Options, Futures, and Other Derivatives, 7th Edition, Copyright John C. Hull 2008Options, Futures, and Other Derivatives 7th Edition, Copyright John C. Hull 20082由看涨期权所构造的蝶式差价收益由看涨期权所构造的蝶式差价收益K1K3ProfitSTK2买入一个具有较低执行价格K1的看涨期权， 买入一个具有较高执行价格K3的看涨期权， 卖出两个具有执行价格K2的看涨期权， K2为K1 、K3中间 值Options, Futures, and Other Derivatives 7th Edition, Copyright John C. Hull 20083由看涨跌权所构造的蝶式差价收益由看涨跌权所构造的蝶式差价收益K1K3ProfitSTK2