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MULTI-LEG OPTIONS STRATEGY

Butterfly Spread Calculator

Calculate a standard long call butterfly from live or manual option legs.

Live or manual option legs

Select a Schwab-backed contract or enter the strike and premium directly.

Long lower call · long 1×
Two short middle calls · short 2×
Long upper call · long 1×

Payoff summary

Expiration payoff for the complete position.

Net debit
$200.00
Maximum profit
$800.00
Maximum loss
$200.00
Lower break-even
$92.00
Upper break-even
$108.00

OPTIONS TRADE

MANUAL long call 90 12 / short call 100 6 / long call 110 2
Expiration
StrategyBUTTERFLY SPREAD
Contracts1 CONTRACT
Net debit200
MAX PROFIT800
MAX LOSS200

Risk and methodology

This assumes two short middle calls with the same strike. Payoff values are expiration-only and exclude fees and assignment effects.

How this calculator works

A long call butterfly buys lower and upper wing calls and sells two calls at the middle strike.

Formula or payoff

Maximum profit is wing width minus debit; maximum loss is debit; break-evens are middle strike plus or minus the debit.

Practical example

A 90/100/110 call butterfly bought for $2 can return up to $8 per share at a $100 settlement.

Risk and limitations

The payoff peaks in a narrow area around the middle strike. The debit can be lost if price finishes outside the wings.