Butterfly Spread Calculator
A butterfly uses three strikes (buy–sell 2–buy) with the same expiration, often for a neutral view with capped risk and profit near the middle strike.
Butterfly Configuration
Lower Wing (Buy 1)
Body (Sell 2)
Upper Wing (Buy 1)
Enter option details to see payoff diagram
Trade Summary
Target Price
—
Wing Width
—
Lower Breakeven
—
Upper Breakeven
—
Commonly asked Butterfly Spread questions
What is a butterfly spread?
Three strikes, one expiry: long one wing, short two at the body, long the other wing. Max profit is often near the middle strike at expiration.
Call butterfly vs put butterfly?
Same shape with calls or puts; choose based on skew, liquidity, and whether you prefer call-side or put-side liquidity.
What is max loss?
Typically the net debit paid (for a long butterfly), before fees and assignment risk.
When is it used?
When you expect the underlying to finish near a strike (low realized move) and want defined risk.
Butterfly vs iron butterfly?
Iron butterfly mixes calls and puts (often OTM wings); classic butterfly uses all calls or all puts.
Pin risk?
Near expiration at the middle strike, gamma can swing P&L quickly—many reduce size or close early.
Related Calculators
Daily Cumulative P&L
$33,989.51+$32,609.07
Avg Trade: $60.80
Jan 1Jan 8Jan 15Jan 22Jan 29
February
Mo
Tu
We
Th
Fr
Sa
Su
1
2
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Best Performing
Morning Breakouts
82% Win Rate
Track Your Options Trades
Import your options trades and analyze your performance with detailed P&L tracking.
