Long Put Butterfly Calculator
A long put butterfly buys one higher-strike put, sells two middle-strike puts, and buys one lower-strike put, all equally spaced. It is a defined-risk, low-cost bet that the stock will pin the middle strike at expiration. The payoff is a tent identical to the long call butterfly at the same strikes — maximum profit at the body, small loss (the debit) beyond the wings.
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Key characteristics
- Legs: long 1 higher put, short 2 middle puts, long 1 lower put (equal spacing).
- Maximum profit if the stock finishes at the middle strike at expiration.
- Maximum loss is limited to the small net debit paid.
- Same payoff as a long call butterfly at the same strikes — use whichever is cheaper.
When to use a long put butterfly
Use a long put butterfly when you expect a stock to sit near a specific price into expiration and want a cheap, defined-risk way to express it. The tent-shaped payoff pays off best if the stock lands right at the middle strike, and the cost — the net debit — is all you can lose.
It is a low-cost, low-probability, high-reward pin bet. Because it is built from puts, it can be more efficient than the call version when put strikes are better priced, but the economics are otherwise identical.
Risks and management
The trade needs the stock to be near the middle strike as expiration approaches; a move past either wing leaves only the small debit lost. The two breakevens are the lower strike plus the debit and the upper strike minus the debit.
Manage it by opening close to expiration when time decay works for the body, and by taking profits early rather than hoping for a perfect pin — the peak value is only realised right at expiration with the stock on the middle strike.
On the Greeks, the Long Put Butterfly is vega-negative — a fall in implied volatility (such as an earnings IV crush) works in your favour, and theta-positive, so time decay adds to the position each day it is held.
Calculate it live
Use the free OptionProfit Long Put Butterfly calculator to load a live option chain, build the trade, and instantly see the payoff chart, breakevens, probability of profit, Greeks and a Monte Carlo simulation of outcomes.
- A defined-risk pin bet built entirely from puts.
- Maximum profit at the middle strike; maximum loss is the debit.
- Identical payoff to the long call butterfly — pick the cheaper build.
- Best opened close to expiration on a range-bound stock.
SPY, QQQ, IWM, NVDA, AMD, NFLX, INTC, MU, CRM, COIN, PYPL, JPM, BAC, BA
Frequently asked questions
Is a long put butterfly different from a long call butterfly?
The payoff is identical at the same strikes. Which one is cheaper depends on put-versus-call pricing and skew, so traders pick whichever costs less to open.
What is my maximum loss?
Only the net debit you paid, lost if the stock finishes beyond either wing at expiration.
Where do I profit?
Between the two breakevens (lower strike + debit and upper strike − debit), with the peak exactly at the middle strike.
Theta Decay & Selling PremiumProbability of Profit & Expected MoveHow to Pick a Strike Price
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