Live Custom Butterfly Prices

The Custom Butterfly sheet shows live prices of uneven-ratio call and put butterflies, such as 1:3:2 and 1:4:3, across the option chain. Each row is a starting strike, each column a wing width, and each cell is priced from the live bid and ask of all three legs.

Shows	Net price of uneven call and put butterflies
Ratios	1:3:2 (default), 1:4:3, 1:5:4, 2:5:3
Grid	Rows = first-wing strike, columns = wing width in points (e.g. 50 to 300 on NIFTY by default)
Pricing	Live bid and ask of every leg; buy and sell values
Instruments	NIFTY, BANKNIFTY, SENSEX, FINNIFTY, MIDCPNIFTY, BANKEX; current and next NIFTY and SENSEX expiries
Updates	Streams live during market hours
Open it	quintalmind.com/sheets

What a cell means

For ratio a:b:c, a cell at row strike K and wing width W is:

CALL BUTTERFLY table

• Buy a calls at K
• Sell b calls at K + W
• Buy c calls at K + 2W

PUT BUTTERFLY table

• Buy a puts at K
• Sell b puts at K − W
• Buy c puts at K − 2W

So on a 1:3:2 call butterfly with K = 24000 and W = 100 (example numbers), the legs are Buy 1 at 24000, Sell 3 at 24100 and Buy 2 at 24200.

Unlike the 1:2:1 butterfly sheet, the row strike here is the first wing (the lowest strike for calls, the highest strike for puts), not the centre.

The two values are worked out like this, using the legs above:

• Buy value = b × bid(centre) − a × ask(first wing) − c × ask(far wing). This is money received minus money paid, so a negative number is a net debit.
• Sell value = b × ask(centre) − a × bid(first wing) − c × bid(far wing). This is the reverse trade (sell the wings, buy the centre), written as money paid minus money received, so a negative number here is a net credit.

A cell with no price for one of its legs shows a dash.

Try itCustom butterflyIllustrative NIFTY strikes, gap 50

Table

Ratio

First wing K: 24000Width W: 100

1. Buy 124000CE
2. Sell 324100CE
3. Buy 224200CE

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.

How to use it

1. Sign in with your broker and open Sheets, then pick a symbol in the left panel.
2. Find the CUSTOM BUTTERFLY section and pick a ratio from the Ratio: buttons. The table titles change to, for example, CALL BUTTERFLY (1:3:2).
3. Use the Range: steppers to set the smallest and largest wing width.
4. Use the ↑ and ↓ arrows on each table to move the strike window up or down.
5. Click a cell to see its three legs, Margin, Qty / 1 Cr and Charges (RT) (round-trip charges). From there you can Create Alert or Show Chart for an intraday chart of that butterfly.
6. Double-click a cell to mark it. Marks are kept per ratio.
7. Choose Buy, Sell or Buy + Sell columns for this sheet in Profile → Sheet layout.

Broker basket

If you signed in with Zerodha, Alice Blue or FYERS, the leg popup also shows Buy and Sell buttons that open the legs as a basket on your broker's own page. Quintal Mind does not place the order.

For MCX commodities, uneven butterflies are on the MCX butterfly sheet. See MCX option sheets.

Related

• Butterfly prices shows the standard 1:2:1 butterfly.
• Pulse spread prices a four-leg 1:3:3:1 structure.
• Ratio spreads shows two-leg 1:N spreads.

FAQ

Where can I see live 1:3:2 butterfly prices for Nifty?

On the Quintal Mind Sheets page, in the CUSTOM BUTTERFLY section. Pick 1:3:2 from the Ratio buttons and the call and put tables reprice live.

Which butterfly ratios are available?

The custom butterfly sheet offers 1:3:2, 1:4:3, 1:5:4 and 2:5:3. The regular 1:2:1 butterfly has its own sheet.

How is a custom butterfly different from a normal butterfly?

The quantities are uneven, so the two wings are not the same size. On this sheet the row strike is the first wing, not the centre.