What is the max profit of a call broken wing?

Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.

What is the max loss of a call broken wing?

Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.

How do I calculate a call broken wing's profit and loss?

Open the call broken wing in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.

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Call broken wing calculator

Bearish skewed fly. Skip a call wing so a melt-up is the defined-risk side.

Open in the calculator All strategies

OutlookBearish

Max profitLimited

Max lossLimited

LevelAdvanced

What is a call broken wing?

A broken-wing call butterfly widens the upside wing. Often a credit. A selloff can be the profitable side; a squeeze through the wide wing is the remaining risk.

Legs

Buy a call at A
Sell two calls at B
Buy a further call at D

Payoff at expiration, sketched. The live example below has the real prices.

Live example on SPY

Net credit$58.00

Max loss$42.00

Max profit$258.00

Chance of profitLocked: ProUpgrade

BreakevenBelow $758.58 (+0.4%)At expiration

754C+112/18 · $20.51
756C−212/18 · $19.20
759C+112/18 · $17.31

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 754 call, sell 2 756 calls, and buy 1 759 call. Net credit $58. Max profit $258; max loss $42. Breakeven at expiration: Below $758.58 (+0.4%).

Open this call broken wing in the calculator to move the strikes, change the date and implied volatility, and read profit and loss by price and date.

Questions

What is a call broken wing?: A broken-wing call butterfly widens the upside wing. Often a credit. A selloff can be the profitable side; a squeeze through the wide wing is the remaining risk.
When does a call broken wing make money?: Bearish skewed fly. Skip a call wing so a melt-up is the defined-risk side.
What is the max profit of a call broken wing?: Limited: there is a ceiling on what it can make. The calculator gives the figure for your strikes and expiration.
What is the max loss of a call broken wing?: Limited: there is a floor under what it can lose. The calculator gives the figure for your strikes and expiration.
How do I calculate a call broken wing's profit and loss?: Open the call broken wing in the strategy calculator. It places the legs on a real expiration, and you can drag the strikes, change the date, and read profit and loss by price and date, with max profit, max loss, and the breakevens.