← All strategies
15-min delayed
Strategy · Live on SPY $652.40
Short call butterfly
advancedmoderate riskSell low + high calls, buy 2 middle calls. Net credit; profits if stock moves away from the middle.
Payoff workbench
Short call butterfly on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▲ +$4,675
in profitposition working
Profitable zone — P&L +$2,283 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Credit collected
+$3,675
net across 3 option legs
Your P/L at $726
+$4,675
at the dragged expiry price
Break-even
$626.75
Max loss
−$2,324
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY calls · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Short 1 call · $590 · 30d
Premium +$6,335
Long 2 call · $650 · 30d
Cost −$2,720
Short 1 call · $720 · 30d
Premium +$60
Result
Short call butterfly
Net credit $350. Max profit $350 if stock outside $90–$110 at expiry. Max loss $650 if stock pins $100.
Pairs well with
Long straddleOpen →
Buy an ATM call and put at the same strike. Profit from a big move in either direction.Long strangleOpen →
Buy an OTM put and OTM call. Cheaper than a straddle — needs a bigger move to profit.Short put butterflyOpen →
Sell high + low puts, buy 2 middle puts. Net credit; profits if stock moves away from the middle.Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.