Reverse Iron Butterfly Spread

Sets up a reverse iron butterfly: an at the money call and an at the money put are bought at the middle strike while an out of the money call above and an out of the money put below are sold as wings, all in one expiration.

The package is entered for a net debit, so loss is capped at the premium paid and gain is capped by the distance out to the wing strikes. Each leg is quoted from bid and ask, and the payoff grid marks the two prices where the position turns profitable.