Short two calls at the middle strike, and long one call each
at the lower and upper strike. The upper and lower strikes (wings) must
both be equidistant from the middle strike (body), and all the options must be
the same expiration.
Max
Loss
The maximum loss would occur should the underlying stock be
outside the wings at expiration.
Max
Gain
The maximum profit would occur should the underlying stock
be at the middle strike at expiration.
