What's my max profit, max loss, and breakeven prices on an iron butterfly?

How this is calculated

• Max profit equals the net credit received, and only happens if the stock closes exactly at the center strike at expiration.
• Max loss equals the wing width minus the net credit, the same on both the upside and downside since this assumes symmetric wings.
• Breakeven prices are the center strike plus the credit (upper) and the center strike minus the credit (lower).
• This assumes European-style cash settlement at expiration with no early assignment on the short legs. Early assignment on American-style equity options can change these numbers.
• This is standard options math based on the numbers you enter, not a projection of where the stock will actually close.