Finostat
TERMINALALL STRATEGIES

Butterfly spread

Buy the wings, sell two of the body. Cheap, defined, and pinned to one strike -- the structure the Finostat sheet was built around.

BIASPin to strike
VOL VIEWFalling IV
RISKDefined
STRUCTURE1:2:1
BFLYPAYOFF AT EXPIRY
LEGSLIVE CHAIN
ACTIONQTYTYPESTRIKELAST

The debit is small because the two short middle options finance the wings. Maximum profit lands exactly at the middle strike at expiry: wing width minus the debit. The BFLY column on the sheet is this number, live, for every strike at once.

Watch it live on the terminal → See plans

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