BABA currently trading @ $311
BTO BABA Nov 20, 322.5 / 312.5 / 292.5 Broken Wing Put Butterfly @ $2.26 credit.
No risk to the upside (keep the credit) – downside breakeven $297.
Standard adjustment if short strike is breached – roll down and out the $312.5 / 292.5 Bull Put spread for as low a debit as possible. Hold on to the Long $322.5 / 312.5 spread pocketing $10. Timing is key to avoid whipsaw.