Well if you think implied volatility is very high. That would be good for this strategy. This butterfly trade is selling volatility. If you mean illiquidity of

Well if you think implied volatility is very high. That would be good for this strategy. This butterfly trade is selling volatility. If you mean illiquidity of single stock options, I agree with you, they are not good candidates for many options trades (though the stocks themselves are liquid). Plus a lot of these random multi-leg options trades, I don't know why they get talked about so much maybe its the cute name, I don't think they would be worth doing if you don't have the software and resources of a professional trading firm. If the author of this link is new to python and wants to use hypothetical option trades to practice drawing graphs in python who am I to judge. In case of interest, technically a butterfly trade with real prices can be profitable. If you guess right. Here are real quotes, delayed 15 minutes, you can use S&P 500 options to check it. http://www.cboe.com/delayedquote/quotetable.aspx http://www.cboe.com/delayedquote/quotetable.aspx