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
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.