Vertical to Vertical

I have had some requests to explain a vertical to a butterfly trade. First decide if your bullish or bearish on the underlying. After you pick and lets say you're bullish you would buy a call vertical in the money. Now an important thing to remember is that the strikes should be set as if you were going to set one side of the butterfly. If your bullish thoughts are current great, but if not you would then buy a put vertical. That would lower your call break even and turn your trade in to a butterfly. One more thing to think about is if you want a traditional butterfly or a iron condor looking butterfly. Before trying this trade put in some time to learn the risks.