8.8 Butterfly Spread Using Calls Figure 8.6, page 191 requires a small investment initially Profit X/XX Options, Futures, and Other Derivatives, 4th edition@ 2000 by John C. Hull Tang Yincai, C 2003, Shanghai Normal UniversityOptions, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2003, Shanghai Normal University 8.8 Butterfly Spread Using Calls Figure 8.6, page 191 X1 X3 Profit X2 ST -- requires a small investment initially