Skip Strike Butterfly with Puts

In the above example: Buy 1 Put strike 95 Sell 2 Puts strike 105 Buy 1 Put strike 110 The position may be established for a net debit or a net credit, depending on the bid-ask quotations, and both the potential profit and maximum risk are limited. Strike prices are equidistant, and all options have the same expiration month. Risk is limited to the net debit paid: after the trade is...