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What's my max profit, max loss, and breakeven prices on an iron butterfly?

Enter Your Iron Butterfly

A short straddle at the center strike plus a long strangle for protection, all one expiration. This assumes symmetric wings (same width on both sides).

Distance from the center strike to each long wing strike.

Your Result

Enter your strikes and net credit, then click Calculate to see your max profit, max loss, and breakeven prices.

How this is calculated

Risk & liability disclaimer: This calculator produces a mathematical estimate based on the numbers you enter. It is not financial advice and does not guarantee any trading outcome. Trading involves risk of loss, and past position sizing decisions do not predict future results. Trading Habits is not a broker-dealer, registered investment adviser, or tax professional, and is not affiliated with any broker, exchange, or data provider. We do not guarantee this tool is error-free or suitable for your situation - always verify results independently and consult a licensed professional before making any trading or financial decision. You could lose some or all of the capital you trade with.