butterfly with tilting wings

[hedgex]

Hey gurus out there,
What is the name of the option strategy that on a P&L diagram looks like a W, or a butterfly with wings tilting up? You get that by buying more OTM options than in a butterfly.
TIA

 

[Signate67]

How about an "Inverted Seagull"
Sounds cool enough. Or call it what you want.

 

[spindr0]

I think it's called the WUBBLE-U

You can also achieve it with ratioed calendar straddles, double diagonals, etc. Generally, it involves any inverted V position involving at least 3 strikes and more long legs than short.

 

[MTE]

I believe it's called a Wrangle.

 

[hedgex]

some literature discusses it with the butterfly as they have similar features.
Thanks MTE.

 

[ramaTrade]

Call it whatever you like ? You need some kinds of ratio to achieve that effect.