The spread I am going to analyse is another one of the spreads I particularly love, even though it is a little more complex in form, being a Butterfly. The Butterfly is a complex spread, built on three different legs David CarliI am a macroeconomic and financial analyst with over 30 years’ experience, including two years as a fund manager. I specialise in currencies and commodities, and I am the author of several successful books on trading, macroeconomics, and financial markets.