What is the max profit of a short call 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 short call 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 short call butterfly's profit and loss?

Open the short call 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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Short call butterfly calculator

Wants a move. Short the call fly so you profit outside the wings.

Open in the calculator All strategies

OutlookBig move either way

Max profitLimited

Max lossLimited

LevelIntermediate

What is a short call butterfly?

A short call butterfly profits if the stock does not pin at the body. Max loss is at the short middle strike; profit is limited to the credit.

Legs

Sell a call at A
Buy two calls at B
Sell a call at C

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

Live example on SPY

Net credit$4.00

Max loss$196.00

Max profit$4.00

Chance of profitLocked: ProUpgrade

BreakevensBelow $754.04 or above $757.96At expiration

754C−112/18 · $20.51
756C+212/18 · $19.20
758C−112/18 · $17.93

SPY · Oct 30, 2026, 3:59 PM ET

With SPY at 755.53, on the Dec 18 expiration (49 days out): sell 1 754 call, buy 2 756 calls, and sell 1 758 call. Net credit $4. Max profit $4; max loss $196. Breakevens at expiration: Below $754.04 or above $757.96.

Open this short call 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 short call butterfly?: A short call butterfly profits if the stock does not pin at the body. Max loss is at the short middle strike; profit is limited to the credit.
When does a short call butterfly make money?: Wants a move. Short the call fly so you profit outside the wings.
What is the max profit of a short call 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 short call 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 short call butterfly's profit and loss?: Open the short call 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.