Christmas Tree Spread with Puts Option Strategy

This unbalanced butterfly buys one put at the highest strike, sells three puts a couple of strikes below it and buys two puts lower still, all in the same expiration. The lopsided middle is what gives the payoff its tapered shape, with the best outcome when the underlying settles near the short strikes at expiration.

Long and short contracts balance at three each, so risk is defined by the strike distances and the net premium. Contracts are priced leg by leg from symbols the sheet assembles, using on demand bid, ask and previous close.