# @tastyliveshow on YouTube - **Type:** Video - **Original URL:** https://youtube.com/watch?v=UoII79Y1qtA - **Gondola URL:** https://gondola.cc/posts/65858403-tastyliveshow-youtube - **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/b5a445f83e.jpg - **Posted:** 2026-05-24T22:00:06.000+00:00 - **Account Owner:** tastylive (@tastyliveshow) — https://gondola.cc/tastyliveshow ## Caption 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: https://www.tastylive.com/ Get Tom's pre-market analysis every morning: tastylive.com/newsletters FREE Options Strategy Guide: https://tinyurl.com/bp9ms763 Follow tastylive on X: https://x.com/tastyliveshow CHAPTERS: 00:00 Regular vs Broken Wing Butterfly: The Key Difference 00:50 Move One Strike Down, Debit Becomes a Credit 01:55 What Actually Changes When You Break the Wing 03:15 The Embedded Short Put Spread: The Hidden Driver 05:30 Manage the Embedded Spread, Not the Whole Package 07:00 Buy Back the Short Spread, Keep the Butterfly for Free 09:00 The Lottery Ticket Analogy: Why It Makes Sense 11:00 More Risk, More Theta, More Potential Profit vs Regular Butterfly 13:00 Building It Live on SPX Zero DTE Options 14:30 Final Rule: Understand the Extra Risk Before You Put It On #cherrybomb #brokenwingbutterfly #optionstrading #howtotradeoptions #0dtespx #optionsstrategies #optionsforbeginners #spxoptions #optionstrading #tastylive tastylive is a real financial network, producing hours of live programming every day. Follow along as our experts navigate the markets, provide actionable trading insights, and teach you how to trade. With over 120 original segments, and over 25 personalities, we’ll help you take your trading to the next level, whether you are new to trading or a seasoned veteran. tastylive content is created, produced, and provided solely by tastylive, Inc. (“tastylive”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. Options, futures, and futures options are not suitable for all investors. Prior to trading securities, options, futures, or futures options, please read all applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange Traded Options Risk Disclosure Statement found at https://tastytrade.com/disclosures/. Past performance is not indicative of future results. Performance is not presented net of all commissions, fees, and expenses. Multi-leg option strategies incur higher transaction costs than single leg trades as they involve multiple commission charges. Examples provided are for illustrative, informational, and educational purposes only and are not intended to be reflective of results you can expect to achieve. Supporting documentation for any claims (including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer. ## Stats - **Views:** 6,652 - **Likes:** 247 - **Shares:** 0 - **Comments:** 47 ## Tags tastylive, optionstrading, optionsstrategies, howtotradeoptions, spxoptions, optionsforbeginners, 0dtespx, cherrybomb, brokenwingbutterfly --- Copyright (c) Gondola