Butterfly Spread Calculator
Long call butterfly cost, peak payoff and breakevens — the cheapest pin trade for a price target.
Formula
Butterflies offer lottery-like multiples on a precise expiry target because the double-short body collapses fastest at the pin. They're the standard expression for 'this stock closes at 100 on Friday' views and OPEX pin plays — cheap to be wrong, rich to be exactly right.
Not financial advice — for informational and analytical use only. Verify all figures with a qualified professional before acting on them.
Need butterfly spread calculator results fast? Analysts, founders, traders and finance professionals use the Butterfly Spread Calculator to skip the spreadsheet and get a defensible answer in one step — free, private and instant.
About Butterfly Spread Calculator
Long call butterfly cost, peak payoff and breakevens — the cheapest pin trade for a price target. Butterflies offer lottery-like multiples on a precise expiry target because the double-short body collapses fastest at the pin. They're the standard expression for 'this stock closes at 100 on Friday' views and OPEX pin plays — cheap to be wrong, rich to be exactly right. The governing relationship is max profit = wing width − debit, paid only near the body at expiry. The Butterfly Spread Calculator computes entirely in your browser — free, private (your figures never leave your device) and instant, recalculating live as you change any input.
How to use Butterfly Spread Calculator
- 1Enter Lower wing strike, Body strike (×2 short), Upper wing strike, Net debit paid, Contracts (×100) into the Butterfly Spread Calculator.
- 2The result is computed automatically using max profit = wing width − debit, paid only near the body at expiry — there is no button to press.
- 3Change any input to model a different scenario, then copy or share the result.
Why use Butterfly Spread Calculator?
- ✓Computes butterfly spread calculator instantly with the correct formula — no spreadsheet needed
- ✓100% free and unlimited, with no sign-up, login or paywall
- ✓Runs entirely in your browser, so the figures you enter stay private
- ✓Shows the formula, a live worked example and references so you can defend the number
Frequently asked questions
What is the formula behind the Butterfly Spread Calculator?+
Butterfly Spread Calculator uses max profit = wing width − debit, paid only near the body at expiry. Butterflies offer lottery-like multiples on a precise expiry target because the double-short body collapses fastest at the pin. The tool substitutes your actual inputs into this relationship and shows the worked example step by step.
What inputs does the Butterfly Spread Calculator need?+
Enter Lower wing strike, Body strike (×2 short), Upper wing strike, Net debit paid, Contracts (×100) and the result updates immediately — there is no button to press. Change any value to model a different scenario in real time.
Is the Butterfly Spread Calculator free, and is my data private?+
Yes — it is completely free with no sign-up or usage limit, and it runs entirely in your browser, so the numbers you enter are never uploaded or stored on any server. It is for informational and analytical use, not financial advice.
What should I watch out for when using the Butterfly Spread Calculator?+
They're the standard expression for 'this stock closes at 100 on Friday' views and OPEX pin plays — cheap to be wrong, rich to be exactly right.
What is the Butterfly Spread Calculator based on?+
The method follows authoritative sources: CBOE — butterfly spreads. The formula and references are shown on the page so you can verify and cite the result.
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