A jade lizard is a bear call spread (a bearish vertical call spread) enhanced with a short put option with the same expiry and a strike lower than the lower call strike of the bear spread. The idea of the jade lizard is to get additional profit by using the nature of the volatility skew, which makes out of the money puts more expensive than out of the money calls.
See also bear call spread, naked put, volatility skew.
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The screenshot shows the following portfolio:
European call struck at 10.000 with expiry in 30 days
European call struck at 9.000 with expiry in 30 days
European put struck at 8.000 with expiry in 30 days
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