1) I think you are hearing him right. I'm not sure what he means by that either...I thought T+ refers to settlement date of options. I thought he was just referring to the current P&L line which to me is the curved line in those graphs...I'm sure I'm interpreting this all wrong, but that line does represent the current P&L of the trade along various price points.
2) Not sure of the platform, but it's not tradestation. It might be OptionVue...it's one of the more expensive ones I believe
3) It's not a bearish trade. In fact, it starts out as a delta neutral trade, because after you purchase the put butterfly spread, you're supposed to purchase stock or calls to bring the delta to zero. Thus, you are protected a bit to the long side (due to the stock/calls purchased) in case of a big run up shortly after you put the trade on, plus you have a lot of downside to work with because the butterfly itself is a bearish-type trade...so even though the butterfly spread alone is a bearish trade, when combined with stock or calls, it brings it to a neutral trade in terms of delta.
Again, I'm sure I'm butchering the terminology here...I'm still no expert when it comes to trading options...I just know enough to do a little damage...
