• a la RandomWalk (but not sure whether the name fits this type of trade!)

Combine a close to the money Broken Wing Put Butterfly (debit trade) with an OTM unbalanced 1 x 3 x 2 Call Butterfly (credit trade) adjusting the strikes of the two trades to place it for as close to zero cost as possible.

Sept 21 weeklies: 3420 / 3400 / 3385 Put Butterfly @ $2.55 debit

Sept 21 weeklies: 3500 / 3510 / 3520 unbalanced Call Butterfly (1 x 3 x 2) @ $2.39 credit

Only risk to the downside is the debit paid ($0.16). Upside breakeven is around 3514. Two profit peaks (bigger one @ $3400, smaller one close to $3500.

But it makes more sense looking at the risk profile:

#riskreversal