A regular butterfly costs money. A broken wing butterfly can generate a credit. Most traders see them as the same trade with a minor structural tweak. Tom Preston sees something completely different hiding inside. Every broken wing butterfly contains an embedded short vertical spread. That spread is what drives the risk, the reward, and the theta. Once you see it, you manage the whole trade differently: buy back the embedded spread for less than the credit you collected, and you are left with a long butterfly you own for free. A lottery ticket that cost you nothing. Tom walks through this live on SPX zero DTE options and explains why this reframe changes everything about how you manage the position. Helpful links: tastylive: tastylive.com Get Tom's pre-market analysis every morning: tastylive.com/newsletters FREE Options Strategy Guide: tinyurl.com/bp9ms763 Follow tastylive on X: x.com/tastyliveshow CHAPTERS: 00:00 Regular vs Broken Wing Butterfly: The ...