I was toying again with TOS analyze page, and since I'm into butterflies at the moment (paper trading them) I thought of using an opposing butterfly trade in the next month to hedge my risk against a violent move ex: XYZ @ 50 Long XYZ Nov put 45/50/55 butterfly Short XYZ Dec put 45/50/55 butterfly So at your extremes you can do this for a small debit or credit(maybe??) your max risk is similar to the long butterfly and reward is similar as well (I think it's slightly less) Aside from the atrociously high commissions on this, anyone see any problem with this strategy? Is there a synthetic equivalent that can reduce the number of legs? I tried this with a condor as well... it gave me a risk profile that resembled batman or something. no joke! thanks for your help.