Long Put Butterfly Option Screener

[Neutral, Limited Risk, Limited Reward] The long put butterfly spread is a low volatility option strategy where you expect the underlying security to remain range-bound. The long put butterfly option strategy involves buying a put option, selling 2 put options at a higher strike price around the price of the underlying security, and buying a put option at an equidistant higher strike price. 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.