OptionProfit

Butterfly Spread Options Profit Calculator

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

Symbol
Position Legs
Enter a symbol above and select expiry to load live options data
Leg 1 — Long Call
Leg 2 — Short Call
Leg 3 — Short Call
Leg 4 — Long 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
price × DTE
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