After learning about the wide butterflies I decided to try them out live.

The setup is: Two market-neutral trades as decoupled as possible. The candidates where XSP and TLT, but XSP was too thinly traded so in the end I settled on SPY and TLT:

• BOT +6 BUTTERFLY SPY 100 JUL 10 106/112/118 CALL @2.31 ISE
• BOT +7 BUTTERFLY TLT 100 JUL 10 103/98/93 PUT @2.47 ISE

I never got filled on a CALL TLT so I changed to PUT (same price, to my disadvantage) and got filled in a pinch.

The trade cost me $36.- in commissions for the SPY and $42 for the TLT (so, TOS charges $6.- per butterfly).

SPY Risk to reward ratio  $1422 (incl. commissions) max loss / $2214 max profit = 1:0.64, the TLT is $1771 max loss / $1771 max profit = 1:1

Here are the P/L charts, as well as the price action of the underlying.