TheSkewLab

Inverse broken-wing call fly

Big moveLimited profitLimited loss

Reversed broken-wing call fly: profits when the pin fails upward.

Payoff at expiry — live BTC example

spot 74,841
Net credit
$255.71
Max profit
$1,656
Max loss
$744.29
Breakevens
74,056 / 75,544
Example legs (0.3 DTE front)
  • Sell 73,800 call
  • Buy 2× 74,800 call
  • Sell 77,200 call

Entry greeks (per 1 BTC notional): Δ 0.181 · Γ 0.3171 per 1% · vega $9.66/pt · theta $-720.32/day

How it works

Flip the broken-wing signs: pay to own the widened upper zone.

When to use it

You expect an upside break through a pinned level.

Risks & management

Loses the debit if the pin holds.

Open in payoff builder →

Related structures

Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.