OptionProfit

Iron Butterfly Options Profit Calculator

ATM short straddle with wings. High premium, narrow profit zone.

Symbol
Position Legs
Enter a symbol above and select expiry to load live options data
Leg 1 — Long Put
Leg 2 — Short Put
Leg 3 — Short Call
Leg 4 — Long Call
Settings
Strategy Results

Select an expiry and strike to analyze your Iron Butterfly

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 Iron Butterfly Options Calculator?

Sell an ATM call and ATM put (same strike), buy OTM call and OTM put as wings. Maximum profit if stock pins exactly at the short strike. Higher credit than an iron condor but narrower profit range.

Max risk
limited
Max reward
limited
Legs
4 legs