How to Track Your Broken Wing Butterfly Performance
Three legs, asymmetric wings, and a skip strike that changes everything. Here's how to know if your broken wing butterflies are actually profitable.
No credit card · Import your first CSV in seconds
The problem
Why this is harder than it looks
A broken wing butterfly has three legs at three different strikes — but unlike a standard butterfly, the wings are unequal widths. This creates an asymmetric risk profile that's hard to track in a spreadsheet. Your broker shows three separate fills with no indication they form one strategy. When you roll the wider wing or adjust the position, you generate more fills that all belong to the same trade. Calculating your true breakeven, max profit zone, and net credit across adjustments requires connecting fills that your broker treats as completely unrelated.
Limited profit potential
Risk of assignment
Requires precise market movement expectation
Dependence on implied volatility
Step by step
Here's how to do it
Export your trades from your broker
In ThinkorSwim, go to Monitor → Account Statement → select your date range → export as CSV. In Tastytrade, go to History → Transactions → download CSV. Make sure your date range covers the full life of the broken wing butterfly, including any adjustments.
BWB trades can span weeks. Set your start date far enough back to capture the opening fills.
Import the CSV into OptionsEdge
Upload your CSV on the Import page. OptionsEdge detects your broker format automatically and parses all three legs — the two short options at the center strike and the long options at the asymmetric wing strikes.
Verify auto-grouping matched all three legs
Check the Positions page — you should see a single broken wing butterfly position with all legs listed, showing the skip strike structure. The asymmetric wings should be clearly visible in the position detail.
If a leg was opened on a different day or at a different time, OptionsEdge still groups it by matching the underlying, expiration, and strategy structure.
Review the asymmetric risk profile
Open the position detail to see your net credit/debit, breakeven points, and maximum profit zone. Because the wings are unequal, your risk is different on each side — OptionsEdge calculates both breakevens so you see the full picture.
Track adjustments and rolls
When you roll the wider wing or close one side, import your updated CSV. OptionsEdge adds the new fills to the existing position, updating cost basis automatically. You can see how each adjustment changed your risk profile.
Watch out
Common mistakes to avoid
Treating the BWB like a standard butterfly — the asymmetric wings create a fundamentally different risk profile
Forgetting that one side has more risk than the other — your max loss is not equal on both sides
Not tracking the skip strike distance — this determines your credit/debit and probability of profit
Using fill-level P&L which is meaningless when three legs are designed to work together
The easier way
How OptionsEdge handles this for you
Auto-groups all three legs into a single broken wing butterfly position from individual fills
Tracks asymmetric breakeven points so you see the full risk profile at a glance
Roll tracking preserves cost basis when you adjust the wider wing or roll to a new expiration
Strategy-level P&L shows whether the whole structure made money, not just individual legs
Import from ThinkorSwim or Tastytrade CSV — no API keys or broker login needed
Keep reading
Related guides
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