Buy 20 OCT 15.0 strike Calls at 2.95 = $5,900
Sell (40) OCT 20.0 strike Calls at 1.75 = $(7,000)
Buy 20 OCT 25.0 strike Calls at 1.05 = $2,100
Initial Trade P&L = $100 Debit From an execution perspective, this trade should be placed in two separate orders: First the Call Butterfly and then the Put Sale. Trying to complete this trade in one order may not be possible. This is a very wide strike Call Butterfly near fully financed by a deep out-of-the-money sold Put. The trade results in an initial P&L debit of $100, the initial cost of the trade excluding commissions, and offers the potential to earn up to 100 times on that money. Yes, that's not a typo, the upside on this trade is 100 times the initial investment -- high octane indeed! At Sarepta shares prices between $15 and $25, the trade is profitable with a maximum profit of nearly $10,000 at $20 per share, which is in-line with the implied upside movement and recent analyst price targets. See the P&L diagram below.