Put butterfly
The put-side mirror of a call butterfly. Profit zone is centered on the middle put strike; max profit at pin, max loss is the small debit paid.
INPUTS
Underlying price
$
Centers the payoff chart and computes P&L at this price.
LEGS
Long upper put
Type
Side
Strike
$
Qty
Premium
$
Short middle puts
Type
Side
Strike
$
Qty
Premium
$
Long lower put
Type
Side
Strike
$
Qty
Premium
$
RESULT
$60.003 strikes$140.00
P&L at current spot (expiry)
+$450
Net debit−$50
Max profit+$450
Max loss−$50
Breakevens$95.50 · $104.50
Risk / reward9.00 : 1
RISK PROFILE
Max profit
Wing width × 100 − net debit
Max loss
Net debit paid
Breakeven
Lower + (debit ÷ 100), Upper − (debit ÷ 100)
RELATED STRATEGIES
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