What's my max profit, max loss, and breakeven prices on a long butterfly spread?

How this is calculated

• This covers a standard equidistant long butterfly: buy one contract at the lower strike, sell two contracts at the middle strike, buy one contract at the upper strike, all the same expiration and option type.
• Max loss equals the net debit you paid, multiplied by 100 shares per contract and your number of contracts. This is the most you can lose, and it happens if the stock finishes at or beyond either wing at expiration.
• Max profit equals the distance between strikes minus the net debit, multiplied by 100 and your contracts. This is the most you can make, and it happens only if the stock finishes exactly at the middle strike at expiration.
• Breakeven prices are the lower strike plus the debit, and the upper strike minus the debit.
• This assumes a standard equity option contract represents 100 shares and calculates value at expiration only. It does not account for early assignment risk on the short middle strikes before expiration.
• You enter the net debit for the whole three-strike structure directly, this tool does not price it from individual bid and ask quotes.