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—
| ACTION | QTY | TYPE | STRIKE | LAST |
|---|
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.