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

Open the short 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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Short put butterfly calculator

Wants a move. Short the put 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 put butterfly?

A short put butterfly is the reverse of the long fly. You collect a credit and need the stock to leave the body. Risk is largest if it pins at the middle strike.

Legs

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

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

Live example on SPY

Net credit$3.50

Max loss$196.50

Max profit$3.50

Chance of profitLocked: ProUpgrade

BreakevensBelow $754.04 or above $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): sell 1 754 put, buy 2 756 puts, and sell 1 758 put. Net credit $3.50. Max profit $3.50; max loss $196.50. Breakevens at expiration: Below $754.04 or above $757.96.

Open this short 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 short put butterfly?: A short put butterfly is the reverse of the long fly. You collect a credit and need the stock to leave the body. Risk is largest if it pins at the middle strike.
When does a short put butterfly make money?: Wants a move. Short the put fly so you profit outside the wings.
What is the max profit of a short 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 short 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 short put butterfly's profit and loss?: Open the short 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.