Long Call Butterfly Calculator

Search a symbol to visualize the potential profit and loss for a long call butterfly option strategy.

Loading symbols...

What is a long call butterfly?

NeutralLimited ProfitLimited Loss

A call butterfly spread is the combination of a bull call spread and a bear call spread. This creates a neutral strategy that is cheap and has a good risk/reward ratio.

Volatility should be low to run this strategy, as increasing volatility will narrow the profitable range. Time is helpful when the position is profitable, and harmful when it isn't.

ABCProfitLossStock Price (at expiration)
  • Buy a call at strike A
  • Sell two calls at strike B
  • Buy a call at strike C