butterfly
A1CEFR level
5/100Rarity: common
TechnicalRegister
An options strategy combining three strikes to profit from the underlying staying near a central price.
Expecting a quiet market, she bought a butterfly centred on the current level.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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