1:2:1 Butterly on 1-Year Options with 3m/6m/1y Expiries

The 1:2:1 butterly on swaptions on the 1-year rate at 3m, 6m and 1y expiries is at its second most extreme level in 10 years -- the first one occured in September this year, and was follow by significant retracement. Expect the retracement from the current outlier to be similar, thus offering a significant potential for profit.