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A Bearish RUT Butterfly

This one is a little more high-risk, but the risk is well defined. I moved the strikes out a little further, so the butterfly costs more but it gives you a much more wide profit range. Here's the risk profile:

It's a bearish play but if you've got a long-delta portfolio it's a good hedge. You can also check out this DIA Iron Condor from Andy Swan here.

by Steven Place

Steven Place is the founder and head trader at