Master the Broken Wings Butterfly
This advanced options structure modifies a standard butterfly by widening one wing. The result can reduce risk on one side of the trade while preserving a defined profit opportunity around a targeted price area.
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This course is temporarily unavailable and will return soon after it has been re-edited.
Build and Analyze the Position
Work through strike selection, expiration choice, wing width, maximum risk and maximum reward. The curriculum also connects volatility, technical analysis and market sentiment to entry timing.
- Compare standard and broken-wing butterfly spreads.
- Select strikes, expirations and unequal wing widths.
- Calculate maximum risk, reward and trade outcomes.
- Match the structure to volatility and directional bias.
Adjust, Test and Apply the Strategy
Explore rolling, early exits, volatility adjustments, combinations and hedging, followed by case studies, simulated trades, backtesting and long-term planning.
- Adjust the structure as the underlying price moves.
- Manage changing implied volatility.
- Review real-world scenarios and simulated trades.
- Create a disciplined strategy plan with realistic targets.
