OptionProfit

Butterfly Spread Options Profit Calculator

Long call/put at two outer strikes, short two at the center.

Symbol
Position Legs
Select an expiry above to load options data and enable chain browsing
Leg 1Long Call
Leg 2Short Call
Leg 3Short Call
Leg 4Long Call
Settings
Strategy Results

Select an expiry and strike to analyze your Butterfly Spread

P&L Chart
Enter strike and premium to see P&L chart
P&L Heatmap
Enter position details to see P&L heatmap
Position Greeks

Greeks appear once strikes are entered

What is a Butterfly Spread Options Calculator?

Buy one low-strike call, sell two middle-strike calls, buy one high-strike call (equidistant strikes). Low cost; maximum profit if stock pins at the middle strike at expiry.

Max risk
limited
Max reward
limited
Legs
3 legs