What is the max profit of a put broken wing?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of a put broken wing?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a put broken wing's profit and loss?

Open the put broken wing in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Put broken wing calculator

Bullish skewed fly. Skip a put wing so a crash is less painful than a standard fly.

Open in the calculator All strategies

OutlookBullish

Max profitLimited

Max lossLimited

LevelAdvanced

What is a put broken wing?

A broken-wing put butterfly skips or widens the downside wing. You often take a credit. Upside of a rally is limited; a crash still has defined but larger risk than a skip-less fly.

Legs

Buy a put at A
Sell two puts at B
Buy a further put at D

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net debit$39.00

Max loss$39.00

Max profit$161.00

Chance of profitLocked: ProUpgrade

BreakevenBelow $757.61 (+0.3%)At expiration

758P+112/18 · $17.29
756P−212/18 · $16.54
755P+112/18 · $16.18

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 758 put, sell 2 756 puts, and buy 1 755 put. Net debit $39. Max profit $161; max loss $39. Breakeven at expiration: Below $757.61 (+0.3%).

Open this put broken wing in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a put broken wing?: A broken-wing put butterfly skips or widens the downside wing. You often take a credit. Upside of a rally is limited; a crash still has defined but larger risk than a skip-less fly.
When does a put broken wing make money?: Bullish skewed fly. Skip a put wing so a crash is less painful than a standard fly.
What is the max profit of a put broken wing?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of a put broken wing?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a put broken wing's profit and loss?: Open the put broken wing in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.