Following Thursday's XLU post here are 2 example of butterfly trades using calls, one near term (April)and one farther out (June). With the Ponzo forecasting XLU at net flat 18 weeks out this type of trade can often produce a very attractive risk/reward ratio...especially the longer term version.
These are, of course, examples only, and not solicitations to buy or sell any securities referenced.
And a longer term setup...