Long Put Butterfly Calculator

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

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What is a long put butterfly?

NeutralLimited ProfitLimited Loss

A put butterfly spread is the combination of a bull put spread and a bear put 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 put at strike A
  • Sell two puts at strike B
  • Buy a put at strike C