A type of butterfly spread which is skewed to create reward in a single direction within a current range and has risk if the underlying moves in the correct direction but beyond the expected move implied by current option prices. This is achieved by setting up a normal butterfly spread but then skipping, or moving further out of the money, the final protective put or call.

A type of butterfly spread which is skewed to create reward in a single direction within a current range and has risk if the underlying moves in the correct direction but beyond the expected move implied by current option prices. This is achieved by setting up a normal butterfly spread but then skipping, or moving further out of the money, the final protective put or call.