This week, we are continuing the conversation about long butterfly spreads with puts that started last time. You can find this information on page 104 of the Options Playbook, or on OptionsPlaybook.com.

In this episode, Brian discusses:

• A review of last week.
• What was the plan?
• Does the plan need to be revised?
• Can we still make a profit?
• How to manipulate the legs to create a new, profitable positions.
• What is the new plan?
• What is the maximum risk? Reward?
• What do we want to happen?