The Short Call Butterfly strategy is designed for investors who are neutral about the market's direction but anticipate significant volatility. This strategy involves buying two "at-the-money call options"(middle strike price), selling one "out-of-the-money call option"(higher strike price), and selling one "in-the-money call option"(lower strike price). Compared to strategies like straddle and strangle, the Short Call Butterfly offers relatively modest returns with slightly lower risk. Investors benefit if the underlying asset closes near either the higher or lower strike prices at expiration.