Inverse broken-wing put fly
Big moveLimited profitLimited loss
Reversed broken-wing put fly: profits when the pin fails downward.
Payoff at expiry — live BTC example
Net credit
$393.14
Max profit
$1,393
Max loss
$806.86
Breakevens
73,593 / 75,207
Example legs (0.4 DTE front)
- Sell 75,600 put
- Buy 2× 74,400 put
- Sell 72,200 put
Entry greeks (per 1 BTC notional): Δ -0.098 · Γ 0.2485 per 1% · vega $9.02/pt · theta $-542.70/day
How it works
Mirror: own the widened downside zone.
When to use it
Downside-break thesis.
Risks & management
Debit lost if price sits.
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.