In this video, I talked about a bullish strategy called Broken Wing Put Butterfly.
A broken wing butterfly only has losses on one direction so you're setting it up to be a bullish trade. Set this up for a credit so the max profit on this trade is going to be the width of the narrower spread plus the credit received.
The max risk on this trade is the sold strike minus the wider spread strike plus the credit received.
The ideal setup on this trade is to be high implied volatility and you wanna buy one out of the money put, sell two farther out of the money puts and buy one farther out of the money put.
The break-even point is the put sold strike minus the width of the narrower spread and minus the credit received.