Options Theory / Explore strategy

Butterfly spread

Theory ↗

SPY · Teaching example

Reference price $500. All strikes and premiums are illustrative, not live quotes or a trade recommendation.

Explore the outcome

Underlying price at expiration500

Simulated profit / loss$900

Moving the slider only changes the scenario, not the contracts.

Maximum profit$900

Maximum loss-$2,100

Net premium-$2,100

Expiration model · Fees excluded

Breakeven prices at expiration$491.00 / $509.00

Edit the contracts

Premiums are per share. Each standard contract represents 100 shares.

Expiration dateStrategy sets

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Illustrative prices, before fees. Expiration payoffs exclude early assignment and changes in time value or volatility. Editing strikes keeps the entered premiums; no market quotes are fetched.