Iron Butterfly
A neutral, low-volatility strategy — profit when the stock stays near one central strike:
- Buy a put at a lower strike (downside protection)
- Sell a put and a call at the same middle strike
- Buy a call at a higher strike (upside protection)
- Max profit when stock expires exactly at the middle strike
Your Inputs
📉 Lower Wing
🎯 Middle Strike (Sell Both)
📈 Upper Wing
Results
Max Profit
—
Max Loss
—
Lower Breakeven
—
Upper Breakeven
—
How to read this: Peak profit at the middle strike. Red = loss if stock moves too far either way.