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
$636.73
Max profit
$1,437
Max loss
$563.27
Breakevens
65,237 / 66,363
Example legs (0.7 DTE front)
- Sell 67,000 put
- Buy 2× 65,800 put
- Sell 63,800 put
Entry greeks (per 1 BTC notional): Δ 0.043 · Γ 0.5480 per 1% · vega $17.38/pt · theta $-304.55/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.