A butterfly which can be either call or put whose strikes are not equidistant.
In a regular butterfly there is equal distance from the long strike (wing) to the short strikes (bodyReferring to the body of a candlestick or the area that is between its open and close, disregarding its swing highs and lows which are represented by the shadows or wicks.) and from the bodyReferring to the body of a candlestick or the area that is between its open and close, disregarding its swing highs and lows which are represented by the shadows or wicks. to the other wing.
Think of al butterflies as simply two verticals, one long and one short. The broken wing butterfly simply has the short vertical being wider than the long vertical. In exchange for some directional risk, the spread is opened for a lower price, often even a credit.
