Skip strike butterfly

an option strategy established by purchasing one option with a given strike price, selling (writing) two options with a higher strike, skipping a strike, and then buying an option with a still higher strike. The options must be either all calls or all puts, and have the same underlying, expiration month and strike price intervals (difference between strikes), including the skipped one. The strikes of the two short options and the skipped strike may appear in reverse order. Profit and loss potential are both limited. Also termed Split strike butterfly or Broken wing butterfly.