Broken Wing Butterfly Calculator
Your broken wing butterfly
Direction / type
Put
(bullish)
Call
(bearish)
Current share price ($)
Days to expiration
Lower strike — long ($)
Body strike — short ×2 ($)
Upper strike — long ($)
Net credit received ($/share)
A broken wing is usually opened for a credit. Use a negative number for a net debit.
Number of contracts
Implied volatility (%) — for probability of profit
Results
—
Max profit (at body)
—
Max loss (defined risk)
—
Net credit / debit
—
No-risk side
—
Breakeven(s)
—
Profit zone
—
Return on risk
—
Annualized return
—
—
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