Combo Butterfly
A combo butterfly is a call butterfly and a put butterfly traded together as one six-leg position. The combo butterfly sheet prices it live for every strike near the money, across several tables, each with a different offset and span. On MCX symbols the same sheet is called Cross Butterfly.
| Shows | Net buy and sell price of the six-leg combo, per strike |
| Tables | 3 to 16 tables (6 by default), each a different offset × span |
| Strikes | ATM ± 10 strikes, with a shift to move the window |
| Pricing | Live bid and ask of all six legs |
| Instruments | NIFTY, BANKNIFTY, SENSEX, FINNIFTY, MIDCPNIFTY, BANKEX; MCX GOLD, SILVER, CRUDEOIL, NATURALGAS |
| Open it | quintalmind.com/sheets |
Offset and span
Each table is labelled by two numbers:
- Offset (O) is the distance between each wing and its centre, so each butterfly is 2 × O wide.
- Span (SP) is the distance between the two centre strikes: the put butterfly's centre and the call butterfly's centre.
For row strike S, the sheet first works out split = (SP − 2 × O) ÷ 2. The six legs of a cell are:
- Call butterfly: Buy 1 call at S + split, Sell 2 calls at S + split + O, Buy 1 call at S + split + 2 × O
- Put butterfly: Buy 1 put at S − split, Sell 2 puts at S − split − O, Buy 1 put at S − split − 2 × O
Call strikes are rounded up to the strike grid and put strikes down, so a split that does not fall on a strike still lands on real strikes. The buy value buys the four wings at their ask and sells the two centres at their bid; the sell value is the reverse trade.
Example (illustrative): NIFTY, S = 24000, O = 100, SP = 400. The split is 100, so the legs are Buy 23700 PE, Sell 2 × 23800 PE, Buy 23900 PE, Buy 24100 CE, Sell 2 × 24200 CE and Buy 24300 CE. The two centres, 23800 and 24200, are 400 apart.
The table header shows the offset and span. Clicking a cell shows the exact six legs, so you never have to work the strikes out by hand.
- Buy 123700PE
- Sell 223800PE
- Buy 123900PE
- Buy 124100CE
- Sell 224200CE
- Buy 124300CE
Value of these legs at expiry across spot prices, in points, before premiums. It shows the shape of the structure only; the live sheet shows the actual net price.
Each butterfly is 2 × offset wide; the two centre strikes are one span apart.
How to use it
- Sign in and open Sheets, then pick a symbol.
- Scroll to the Combo Butterfly section. Each table is one offset × span.
- Change how many tables you see in Profile → Live sheet.
- Click a buy or sell cell to see all six legs, an intraday price chart of the combo, its margin and charges.
- Double-click to mark a cell, or set an alert on it.
Related
- Butterfly prices shows single call and put butterflies.
- Vol surface shows the implied volatility across the same strikes.
FAQ
What is a combo butterfly?
A call butterfly and a put butterfly traded together as one six-leg position.
Where can I see live combo butterfly prices for NIFTY?
On the Quintal Mind Sheets page, for NIFTY, the other NSE and BSE indices and MCX commodities.
Quintal Mind shows market data and analytics for information only. Nothing here is investment advice, and Quintal Mind does not place orders.