The common synonym for Christmas tree spread is "butterfly spread". However, there are other alternative names for this option trading strategy. Some traders call it a "long call butterfly spread" or simply a "call butterfly". In addition, the approach can be executed with puts, and in this case, is sometimes called a "put butterfly spread". The spread can also be broken down into its two parts: the bull call spread and the bear call spread. The bull call spread being the purchase of a call option at a lower strike price and the sale of a call option at a higher strike price, while the bear call spread being the opposite. Regardless of the name given, the Christmas tree spread, or butterfly spread, is a popular strategy among options traders for its potential to generate steady, limited profits.