Rolldown:
- Buy close 1 contract 360 Put,
- Sell open 1 contract 6/20 345 put
Butterfly
- Buy open 1 contract 6/20 345 put
- sell open 2 contract 6/20 330 put
- Buy open 1 contract 6/20 315 put
You can see that the two highlighted order above cancel out each other, so you are really just left with 2 contrat of short on 330 put, and 1 contract long on 315 put.
The entire tranaction above, all together is about $3-$4 debit.
In worst case, it lower your put strike price to 345 (from 360). And if Tsla close around 330, you will make additional $15 from the spread between 345 to 330.
