Finance Calculators
Butterfly Spread Profit Calculator

Butterfly Spread Profit Calculator

Model long call butterfly spreads with strike inputs, net debit, and expiration price for profit, loss, and break-evens.

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Long call butterfly payoff

A long call butterfly combines one lower-strike long call, two short calls at the middle strike, and one upper-strike long call with equal wing widths. Maximum profit occurs when the underlying expires at the middle strike; maximum loss is limited to the net debit paid.

Explore related fixed-income yield tools such as the Bond Current Yield Calculator when you are comparing option structures with bond income.

Frequently Asked Questions

What breakevens does a debit butterfly use?

Lower breakeven = lower strike + net debit per share. Upper breakeven = upper strike − net debit per share. Profit is positive only between those prices at expiration.