{"slug":"broken-wing-butterfly-explained","qid":"financiamento","label":"financiamento","post_title":"broken-wing-butterfly-explained","post_url":"/blog/lang/pt/broken-wing-butterfly-explained#q-financiamento","columns":["largura_total_usd","caixa_liquido_usd","risco_maximo_usd"],"rows":[{"largura_total_usd":10,"caixa_liquido_usd":-0.6,"risco_maximo_usd":0.6},{"largura_total_usd":15,"caixa_liquido_usd":0.95,"risco_maximo_usd":4.05},{"largura_total_usd":20,"caixa_liquido_usd":2.02,"risco_maximo_usd":7.98},{"largura_total_usd":25,"caixa_liquido_usd":2.72,"risco_maximo_usd":12.28},{"largura_total_usd":30,"caixa_liquido_usd":3.21,"risco_maximo_usd":16.79}],"shape":"ranking","sql":"WITH\n    venc AS (\n        SELECT expiration_date AS exp\n        FROM global_markets.options_greeks\n        WHERE underlying_symbol = 'AAPL'\n          AND date = '2026-06-12'\n          AND iv_converged = 1\n          AND volume > 0\n          AND days_to_expiry BETWEEN 20 AND 75\n        GROUP BY expiration_date\n        ORDER BY sum(volume) DESC\n        LIMIT 1\n    ),\n    marks AS (\n        SELECT\n            toFloat64(strike_price)          AS strike,\n            avg(toFloat64(option_close))     AS mark,\n            avg(toFloat64(underlying_close)) AS spot\n        FROM global_markets.options_greeks\n        WHERE underlying_symbol = 'AAPL'\n          AND date = '2026-06-12'\n          AND expiration_date IN (SELECT exp FROM venc)\n          AND lower(toString(option_type)) IN ('call', 'c')\n          AND iv_converged = 1\n          AND volume > 0\n        GROUP BY strike\n    ),\n    anchor AS (\n        SELECT max(strike) AS k1\n        FROM marks\n        WHERE modulo(toUInt32(round(strike * 100)), 500) = 0\n          AND strike <= spot\n    )\nSELECT\n    round(u.strike - a.k1, 0)                                          AS largura_total_usd,\n    round(2 * b.mark - l.mark - u.mark, 2)                             AS caixa_liquido_usd,\n    round((u.strike - a.k1 - 10) - (2 * b.mark - l.mark - u.mark), 2)  AS risco_maximo_usd\nFROM anchor AS a\nCROSS JOIN marks AS l\nCROSS JOIN marks AS b\nCROSS JOIN marks AS u\nWHERE l.strike = a.k1\n  AND b.strike = a.k1 + 5\n  AND u.strike >= a.k1 + 10\n  AND u.strike <= a.k1 + 30\n  AND modulo(toUInt32(round(u.strike * 100)), 500) = 0\nORDER BY u.strike","computed_at":"2026-09-25T15:23:13.782511+00:00","elapsed":0.0055485}