Broken Wing Butterfly Master Course

During the Broken Wing Butterfly Master course, John Locke will show how to profitably trade Broken Wing Butterfly (BWB) profile positions on the SPX, RUT, and NDX. The course will start at a basic level from the very beginning and progress through to the advanced concepts behind the broken wing butterfly profile trade. This course does not teach a specific strategy but will cover the concepts behind all the popular broken wing butterfly profile trades including how to pick the proper entries and the best upside and downside adjustment strategies for specific market conditions.

Broken Wing Butterfly Master Course

The prerequisite to this course is to have a basic level of knowledge of options spreads, which means:

  • You know what an unbalanced or broken wing butterfly is
  • You have some experience trading options spreads
  • You have a basic understanding of the Greeks (Delta, Theta, Gamma Vega)
  • You know how to use analytical software such as Option Vue or Option Net Explorer
  • You are familiar with the basic terminology of options spread trading like vertical spreads, condors, wings, T+0 line, expiration line and days till expiration (DTE)

The course includes over six hours of instruction on:

Trade Entries

  • Days to expiration (–DTE) – Close vs far from expiration and how DTE changes the trade
  • Choosing wing widths
  • Broken Wing Butterfly vs Butterfly/call entry
  • Entry location relative to at the money (ATM) and how your entry effects your adjustment strategy
  • Scaling entries/adjustment strategies

Upside adjustments strategies

  • Adapting your upside adjustment strategy to:
  • Different volatility levels
  • Rising markets
  • Falling markets
  • Sideways markets

Downside adjustment strategies – The “Achilles’ Heel” for most traders

  • How and when to best adjust to the downside for maximum protection with least whipsaw risk
  • How to set risk parameters
    • Planned Capital
    • Profit Target
    • Max Loss

Trade Exits

  • When and how to exit most effectively

Class materials include: Over 110 slides for all classes and 20 different Tlog files to support trade examples

File Size – 1.41 GB

size chest(in.) waist(in.) hips(in.)
XS 34-36 27-29 34.5-36.5
S 36-38 29-31 36.5-38.5
M 38-40 31-33 38.5-40.5
L 40-42 33-36 40.5-43.5
XL 42-45 36-40 43.5-47.5
XXL 45-48 40-44 47.5-51.5


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