Does this work for both call and put butterflies?

Yes, the max profit, max loss, and breakeven math is the same for an equidistant call butterfly or put butterfly at expiration. The option type selector is for your own reference only.

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What's my max profit, max loss, and breakeven prices on a long butterfly spread?

Q: What's my max profit, max loss, and breakeven prices on a long butterfly spread?

Enter your lower, middle, and upper strikes, the net debit paid for all three legs combined, and your contract count. Max loss is the debit paid, max profit is the strike width minus the debit, and breakevens sit on either side of the middle strike.

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Enter Your Butterfly Spread

Option type

Call butterfly Put butterfly

Both use the same math at expiration, this is for your own reference.

Lower strike ($)

The strike you're long on the bottom wing.

Middle strike ($)

The strike you're short twice.

Upper strike ($)

The strike you're long on the top wing.

Net debit paid ($ per share)

The total cost for all three strikes combined, per share.

Number of contracts

Your Result

Enter your three strikes, net debit, and contracts, then click Calculate to see max profit, max loss, and both breakevens.

How this is calculated

This covers a standard equidistant long butterfly: buy one contract at the lower strike, sell two contracts at the middle strike, buy one contract at the upper strike, all the same expiration and option type.
Max loss equals the net debit you paid, multiplied by 100 shares per contract and your number of contracts. This is the most you can lose, and it happens if the stock finishes at or beyond either wing at expiration.
Max profit equals the distance between strikes minus the net debit, multiplied by 100 and your contracts. This is the most you can make, and it happens only if the stock finishes exactly at the middle strike at expiration.
Breakeven prices are the lower strike plus the debit, and the upper strike minus the debit.
This assumes a standard equity option contract represents 100 shares and calculates value at expiration only. It does not account for early assignment risk on the short middle strikes before expiration.
You enter the net debit for the whole three-strike structure directly, this tool does not price it from individual bid and ask quotes.

Risk & liability disclaimer: This calculator produces a mathematical estimate based on the inputs provided. It is not financial advice and does not guarantee any trading outcome or predict future prices. Trading Habits is not a broker-dealer, registered investment adviser, or tax professional, and is not affiliated with any broker, exchange, or data provider. We do not guarantee this tool is error-free or suitable for your situation, always verify results independently and consult a licensed professional before making any trading or financial decision. You could lose some or all of the capital you trade with. Options trading involves the additional risk of early assignment before expiration.

What's my max profit, max loss, and breakeven prices on a long butterfly spread?

Enter Your Butterfly Spread

Your Result

How this is calculated

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