An iron butterfly is a combination of a multi-leg short spread, risk-defined, neutral strategy with limited profit potential. The iron butterfly options strategy consists of selling an at-the-money short straddle and buying out-of-the-money options “on the wings” with the same expiration date. Iron butterfly trades look to take advantage of a drop in volatility, time decay, and little or no movement from the underlying assets​

Long Iron Butterfly is a four-leg strategy consisting of Bull Call Spread and Bull Put spread in which long options are of the same strike price, Long Iron Butterfly Strategy is a Volatility strategy that offers high risk and limited reward
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A short iron butterfly consists of being long a call at an upper strike, short a call and short a put at a middle strike, and long a put at a lower strike. The upper and lower strikes (wings) must both be equidistant from the middle strike (body), and all the options must be the same expiration.
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The Short Straddle (or Sell Straddle or naked Straddle) is a neutral options strategy. This strategy involves simultaneously selling a call and a put option of the same underlying asset, same strike price and same expiration date. Short Straddle strategy is used in case of little volatility market scenarios wherein you expect none or very little movement in the price of the underlying. Such scenarios arise when there is no major news expected until expiration.

This strategy involves simultaneously buying a call and a put option of the same underlying asset, same strike price and same expiration date. A Long Straddle strategy is used in case of highly volatile market scenarios wherein you expect a big movement in the price of the underlying but are not sure of the direction. 

Such scenarios arise when companies declare results, budget, war-like situation etc. The Long Straddle (or Buy Straddle) is a neutral strategy. This is an unlimited profit and limited risk strategy. The profit earned in this strategy is unlimited. Higher volatility results in higher profits. The maximum loss is limited to the net premium paid. The max loss occurs when the underlying asset price on expiration remains at the strike price.