how is a long put butterfly spread constructed 
the long put butterfly spread is created by buying one out of the money put option with a low strike price selling writing two at the money put options and buying one in the money put option with a higher strike price net debt is created when entering the position like the long call butterfly this position has a maximum profit when the underlying asset stays at the strike price of the middle options the maximum profit is equal to the higher strike price minus the strike of the sold put less the premium paid the maximum loss of the trade is limited to the initial premiums and commissions paid 