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Neutral strategy · Interactive payoff

Iron Butterfly payoff calculator

Market outlook Near one price

A short straddle protected by lower and higher wings defines both risk and reward.

Interactive position

Build the legs

SideInstrumentQtyStrikePremium
Maximum profit—
Maximum loss—
Break-even—
Iron Butterfly payoff at expirationPayoff changes across possible underlying prices based on the editable legs below.
Profit / loss at expirationPer complete position · 100 shares per option contract
Expiration scenarios
Price at expiryMoveProfit / loss

Position structure

Default legs

  1. Buy 1 90 put at 2 premium
  2. Sell 1 100 put at 5 premium
  3. Sell 1 100 call at 5 premium
  4. Buy 1 110 call at 2 premium

Reading the result

Expiration payoff only

The graph recalculates from the visible legs. It is not a price forecast and does not model outcomes before expiration.

Model boundary

This calculator uses intrinsic value at expiration and entered premiums. It excludes implied volatility, Greeks, time decay before expiration, fees, tax, dividends, liquidity, margin, assignment and exercise behavior. Educational illustration only—not financial advice.