What is the max profit of a long put butterfly?

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 long put butterfly?

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 long put butterfly's profit and loss?

Open the long put butterfly 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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Long put butterfly calculator

Neutral debit. Buy one put, sell two at a middle strike, buy one further put.

Open in the calculator All strategies

OutlookNeutral

Max profitLimited

Max lossLimited

LevelIntermediate

What is a long put butterfly?

A long put butterfly is a cheap bet that the stock pins near the body. Max profit is at the short strike. Max loss is the small debit if the stock finishes outside the wings.

Legs

Buy a put at A
Sell two puts at B
Buy a put at C

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

Live example on SPY

Net debit$3.50

Max loss$3.50

Max profit$196.50

Chance of profitLocked: ProUpgrade

BreakevensBetween $754.04 − $757.96At expiration

754P+112/18 · $15.82
756P−212/18 · $16.54
758P+112/18 · $17.29

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): buy 1 754 put, sell 2 756 puts, and buy 1 758 put. Net debit $3.50. Max profit $196.50; max loss $3.50. Breakevens at expiration: Between $754.04 − $757.96.

Open this long put butterfly 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 long put butterfly?: A long put butterfly is a cheap bet that the stock pins near the body. Max profit is at the short strike. Max loss is the small debit if the stock finishes outside the wings.
When does a long put butterfly make money?: Neutral debit. Buy one put, sell two at a middle strike, buy one further put.
What is the max profit of a long put butterfly?: 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 long put butterfly?: 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 long put butterfly's profit and loss?: Open the long put butterfly 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.