Buy one put below, sell two at the middle strike, buy one above — the put-based mirror of the call butterfly. Cheap to open, with the payoff peaking exactly at the middle strike: a precision bet that the stock lands near a level at expiry.
Premiums start as Black-Scholes model values — overwrite them with your broker’s real quotes for exact numbers.
| price | today | +4d | +8d | +11d | +15d | +19d | +23d | +26d | expiry |
|---|---|---|---|---|---|---|---|---|---|
| 130.0 | -112 | -112 | -113 | -113 | -113 | -113 | -113 | -113 | -113 |
| 125.0 | -108 | -110 | -111 | -112 | -113 | -113 | -113 | -113 | -113 |
| 120.0 | -100 | -103 | -106 | -108 | -110 | -112 | -113 | -113 | -113 |
| 115.0 | -81 | -84 | -89 | -93 | -99 | -105 | -111 | -113 | -113 |
| 110.0 | -50 | -51 | -54 | -56 | -62 | -72 | -88 | -103 | -113 |
| 105.0 | -17 | -12 | -7 | -3 | 3 | 8 | 9 | 0 | -113 |
| 100.0 | -1 | 7 | 17 | 26 | 42 | 65 | 102 | 151 | 387 |
| 95.0 | -18 | -13 | -9 | -5 | 1 | 5 | 5 | -5 | -113 |
| 90.0 | -57 | -59 | -62 | -65 | -72 | -82 | -96 | -108 | -113 |
| 85.0 | -92 | -95 | -99 | -102 | -107 | -110 | -113 | -113 | -113 |
| 80.0 | -108 | -110 | -111 | -112 | -113 | -113 | -113 | -113 | -113 |
| 75.0 | -112 | -113 | -113 | -113 | -113 | -113 | -113 | -113 | -113 |
| 70.0 | -113 | -113 | -113 | -113 | -113 | -113 | -113 | -113 | -113 |
Dollar P&L for the whole position. Pre-expiry cells are model values (constant IV); real marks will differ with volatility and skew.
An options position is a view on the company underneath. Our SEC-grounded verdicts, quality scores and filings coverage are free for every US-listed name.
Educational model, not trade advice. Options involve substantial risk and are not suitable for every investor — read the OCC’s Characteristics and Risks of Standardized Options. Model values use Black-Scholes with your inputs (constant volatility, European exercise, no dividends) and will differ from live market prices.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.