I'm trading the Bearish Butterfly. And often I was calculating the mid price from the individual option bid/ask prices.

Then I heard John Locke talk about not only calculating the Put Butterfly, but also the Call and Iron Butterfly (to estimate fair pricing).

No way, I was going to do this calculation by hand - I needed a tool. As I'm using Interactive Brokers, I'm querying their TWS API.

Successor - Option Poption Spread Viewer [new]

BBpricer can only handle regular butterflies, no broken-wing variants. Since I also trade broken-wing butterflies, I have written Option Poption Spread Viewer which allows you to watch mid prices of arbitrary complex spreads. It also calculates the alternatives using only calls or puts or calls and puts (for condors, butterflies and broken-wing variants).



You need to have TWS or IB Gateway running and API access has to be enabled. Open a console and go to the same directory where you downloaded BBpricer to. And now start BBpricer (just type "BBpricer" in the console window and press enter).

Then open your internet browser and go to http://localhost:8000/. Enter a symbol and click on "go" to load the option chain, next select expirations and strike prices.

Outside of RTH (regular trading hours) you need to start it like this: "BBpricer -frozen". If your TWS API is running on a different port (or host), use "BBpricer -gateway".


2016-06-08 successor

2016-02-27 v0.2.1

2015-11-03 v0.2.0

2015-08-27 v0.1.3

2015-08-21 v0.1.2

2015-06-15 v0.1.1

2015-06-14 v0.1.0

2015-06-09 v0.02

2015-04-13 v0.01


If you find bugs or have questions, please contact me ( or @BBpricer).

Also, for Windows users I'm looking for a nicer way to start BBpricer (not via console). I'm only using Mac OS. So if you have a solution, please reach out.


Uwe Voelker
Neugrabener Allee 6 d
21147 Hamburg