Broken Wing Butterfly or Short Vertical Spread

Broken-Wing Butterflies <a href="https://ontt.tv/su3B6">with their embedded Verticals</a> are complex strategies, so tracking their profit/loss isn’t as straightforward as some of the simpler strategies, such as Vertical Spreads or Short Puts. But to best understand how the position will respond when the stock price moves, it’s helpful to break prices down into three possible regions: all options OTM, all options ITM, and everything in between. While the OTM and ITM outcomes are fairly simple to analyze, as we see today with our SPY position, it is the in-between area where it can be a lot more challenging to clearly track P/L changes.<a href="https://ontt.tv/svR9N">Did you catch my naked strategies for a $5,000 account segment?</a>