Long Butterfly with Puts Option Strategy

Three strikes, one expiration, all puts: a long butterfly buys one put at the higher strike, sells two at the middle strike and buys one at the lower strike. Each leg is quoted from bid and ask, netted into a single debit.

Profit and loss at expiration is laid out across the strike range so the peak at the middle strike and the breakeven on each side are visible. Because both wings are owned, loss is limited to the debit paid. Company name and last price identify the underlying being modelled.