Pick a Direction and a Target Return. The Wings Size Themselves.
This tool helps option traders build a butterfly spread sized to the payoff they want, without hand picking three strikes.
You choose a direction and the return you are aiming for. The tool then does two things:
Every butterfly it returns shows the net debit you pay, the maximum profit at the middle strike, the two breakevens that bound the profit zone, and the historical probability of finishing in profit. A long butterfly is a defined risk trade: the most you can lose is the debit, on either side.
Choose bullish for a call butterfly above the current price, or bearish for a put butterfly below it, then set the return you want. The tool sizes the wings to match.
The chart plots profit and loss at expiration: the middle strike where the payoff peaks, the two breakevens that bound the profit zone, and the stock's typical price range.
Each butterfly shows the historical probability it finishes between the two breakevens under similar market conditions, so you can compare setups on the odds.
Pick bullish for a call butterfly with its body above the current price, or bearish for a put butterfly with its body below it. The body sits near where the stock has historically landed under similar conditions.
Enter the return you want if the stock pins the middle strike. The tool sizes the two wings so the payoff lands near that target. Wider wings cost less and profit across a larger range, tighter wings pay more for a narrower one.
Compare butterflies by the net debit you pay, the maximum profit at the middle strike, the two breakeven points, and the probability of profit. The most you can lose stays capped at the debit on either side.
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interested in learning more about our tools.