Long Put Butterfly Option Screener

[Neutral | Limited Profit | Limited Loss] The long put butterfly options spread anticipates volatility to decrease and the underlying security to trade within a specific price range. The long put butterfly option strategy involves buying a put option, selling 2 put options and buying a put option, all at equidistant higher strike prices. The long put butterfly strategy is a combination of a bear put and a bull put spread. Maximum loss is the difference between the premium paid for the long puts minus the premium received for the short puts (Net Debit). Maximum profit is the difference between the center and outer strike values minus the Net Debit. The long put butterfly strategy succeeds if the underlying security is trading within the range between the downside breakeven (lower strike + Net Debit) and upside breakeven (upper strike - Net Debit) at expiration. Maximum profit is achieved if the underlying security lands at the center strike price at expiration.