{"slug":"broken-wing-butterfly-explained","qid":"payoff","label":"payoff","post_title":"broken-wing-butterfly-explained","post_url":"/blog/lang/pt/broken-wing-butterfly-explained#q-payoff","columns":["preco_no_vencimento_usd","asa_quebrada_usd","simetrica_usd"],"rows":[{"preco_no_vencimento_usd":275,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":277.5,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":280,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":282.5,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":285,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":287.5,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":290,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":292.5,"asa_quebrada_usd":3.45,"simetrica_usd":1.9},{"preco_no_vencimento_usd":295,"asa_quebrada_usd":5.95,"simetrica_usd":4.4},{"preco_no_vencimento_usd":297.5,"asa_quebrada_usd":3.45,"simetrica_usd":1.9},{"preco_no_vencimento_usd":300,"asa_quebrada_usd":0.95,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":302.5,"asa_quebrada_usd":-1.55,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":305,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":307.5,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":310,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":312.5,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":315,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":317.5,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6},{"preco_no_vencimento_usd":320,"asa_quebrada_usd":-4.05,"simetrica_usd":-0.6}],"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    ),\n    legs AS (\n        SELECT\n            a.k1   AS k1,\n            l.mark AS p_baixa,\n            b.mark AS p_corpo,\n            u.mark AS p_alta,\n            s.mark AS p_simetrica\n        FROM anchor AS a\n        CROSS JOIN marks AS l\n        CROSS JOIN marks AS b\n        CROSS JOIN marks AS u\n        CROSS JOIN marks AS s\n        WHERE l.strike = a.k1\n          AND b.strike = a.k1 + 5\n          AND u.strike = a.k1 + 15\n          AND s.strike = a.k1 + 10\n    ),\n    grade AS (SELECT arrayJoin(range(0, 19)) AS passo)\nSELECT\n    round(preco, 2) AS preco_no_vencimento_usd,\n    round(greatest(preco - k1, 0)\n        - 2 * greatest(preco - k1 - 5, 0)\n        + greatest(preco - k1 - 15, 0)\n        + caixa_quebrada, 2) AS asa_quebrada_usd,\n    round(greatest(preco - k1, 0)\n        - 2 * greatest(preco - k1 - 5, 0)\n        + greatest(preco - k1 - 10, 0)\n        + caixa_simetrica, 2) AS simetrica_usd\nFROM\n(\n    SELECT\n        p.k1                                      AS k1,\n        p.k1 - 15 + 2.5 * g.passo                 AS preco,\n        2 * p.p_corpo - p.p_baixa - p.p_alta      AS caixa_quebrada,\n        2 * p.p_corpo - p.p_baixa - p.p_simetrica AS caixa_simetrica\n    FROM legs AS p\n    CROSS JOIN grade AS g\n)\nORDER BY preco_no_vencimento_usd","computed_at":"2026-09-25T15:23:14.380824+00:00","elapsed":0.497222842}