A couple things to note: This doesn't take into account commissions. So if you have some absurd commission structure with your broker (2.50/contract + 8/trade) then your return is significantly diminished. These fills are not necessarily the fills that the market gave to subscribers. Sometimes there was a much better fill 30 minutes after I
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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.