Also known as: Long Put Butterfly · Put Fly
Buy 1 higher put + sell 2 ATM puts + buy 1 lower put. Max profit at the body strike.
Shape illustration on a normalized underlying — open the Lab below to price it on a real option chain.
Buy one higher put, sell two middle puts, buy one lower put. Identical payoff geometry to the call butterfly, built with puts.
Same use as the call butterfly — a pin-the-price target — sometimes preferred when put pricing offers a better fill.
Maximum loss is the debit paid; profit requires the stock to land near the body at expiration.
New to options? Start with the free curriculum — or see which strategy fits your outlook.
Educational content — not investment advice. Options involve substantial risk and are not suitable for every investor. All trading on Opus Options Trading is simulated.