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Slovník pojmů a strategií
pro obchodování opcí
Kompletní slovník opcí: strategie, pojmy, řecká písmena a postupy pro výpis opcí. Přehledně, srozumitelně, pro začátečníky i pokročilé. Naučte se obchodovat opce efektivně.
Strategy
Advanced
Broken Wing Butterfly
An advanced options strategy similar to a standard butterfly spread but with one wing "broken" to reduce or remove risk on one side.
Detail
This strategy modifies a standard butterfly spread by shifting one of the wings further out, creating an imbalance. The goal is to generate a potential credit or reduce risk on one side. It profits from minimal to moderate movement and avoids full risk on one side of the market.
Broken Wing Butterfly is constructed by buying one option ITM, selling two ATM options, and buying one OTM option with a different distance than the first leg. This breaks the symmetry of the butterfly. It can be structured for no loss on one side (e.g. no risk to the downside) while maintaining profit potential if the underlying stays near the middle strike. Useful when you have directional bias but still want time decay benefits.
Optimal conditions
Useful when you expect the underlying to stay within a range but want to reduce or eliminate risk on one side. Works well in low to medium IV environments.
Max profit
Limited, defined by the width between strikes and net credit if received.
Max loss
Defined, limited to the distance between the spread legs minus received premium if any.
Risks
Very limited risk, defined. Risk is often only on one side. Must monitor movement toward the wide side.
Greeks
Delta: directional if unbalanced. Theta: positive. Vega: neutral to slightly negative.
Variations
Standard Butterfly, Unbalanced Butterfly, Iron Butterfly, Broken Wing Condor.
Usage example
Sell 2 ATM call options at 100, buy 1 ITM call at 95, buy 1 OTM call at 110. The trade generates a credit with no risk to the downside and profit if stock stays near 100.
DTE
Typically 20–45 days to expiration. Choose DTE based on theta decay and movement expectation.
IV (implied volatility)
Best used in low IV when premiums are weaker and structure gives better breakeven.
Premium
Small premium collected or zero-cost structure. Depends on how wide the wings are.
Margin
Low margin compared to naked strategies. Defined risk helps manage portfolio exposure.
Poznámky
Monitor direction. Adjust if underlying moves aggressively toward the open risk side.
Tags
broken wing butterfly, asymmetric butterfly, low risk, premium credit, directional bias
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