How are AOR butterfly max profit and max loss calculated?

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the AOR butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $177.40 per contract and the computed maximum loss is -$201.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AOR butterfly?

The breakeven for the AOR butterfly priced on this page is roughly $66.01 and $69.99 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk.

How does current AOR implied volatility affect this butterfly?

Current AOR ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.

AOR Butterfly Strategy

AOR (iShares Core 60/40 Balanced Allocation ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Designed to mirror a benchmark, the iShares Core 60/40 Balanced Allocation ETF invests in a blend of equity and fixed income instruments through underlying funds. Its objective is to capture the returns of an investment strategy balancing growth opportunities with a predefined risk profile.

AOR (iShares Core 60/40 Balanced Allocation ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.96B, a beta of 0.91 versus the broader market, a 52-week range of 62.96-70.49, average daily share volume of 477K, a public-listing history dating back to 2008. These structural characteristics shape how AOR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.91 places AOR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. AOR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on AOR?

A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.

AOR snapshot

As of November 13, 2026, spot at $67.87. The butterfly on AOR below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this butterfly structure on AOR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for AOR is inferred from ATM IV alone. The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on AOR should anchor to the underlying notional of $67.87 per share and to the trader's directional view on AOR etf.

AOR butterfly setup

The AOR butterfly below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AOR at $67.87 on that close, the first option leg uses a $64.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AOR chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 AOR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$64.00	$4.30
Sell 2	Call	$68.00	$1.30
Buy 1	Call	$71.00	$0.31

AOR butterfly risk and reward

Net Premium / Debit: -$201.00
Max Profit (per contract): $177.40
Max Loss (per contract): -$201.00
Breakeven(s): $66.01, $69.99
Risk / Reward Ratio: 0.883

Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.

AOR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on AOR. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$201.00
$15.02	-77.9%	-$201.00
$30.02	-55.8%	-$201.00
$45.03	-33.7%	-$201.00
$60.03	-11.5%	-$201.00
$75.04	+10.6%	-$101.00
$90.04	+32.7%	-$101.00
$105.05	+54.8%	-$101.00
$120.05	+76.9%	-$101.00
$135.06	+99.0%	-$101.00

When traders use butterfly on AOR

Butterflies on AOR are pinning bets - traders use them when they expect AOR to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.

AOR thesis for this butterfly

A AOR long call butterfly is a pinning play: it pays maximum at the middle strike if AOR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, AOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AOR-specific events.

AOR butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. AOR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AOR alongside the broader basket even when AOR-specific fundamentals are unchanged. Always rebuild the position from current AOR chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on AOR?: A butterfly on AOR is the butterfly strategy applied to AOR (etf). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With AOR etf at $67.87 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed AOR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are AOR butterfly max profit and max loss calculated?: Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the AOR butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $177.40 per contract and the computed maximum loss is -$201.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AOR butterfly?: The breakeven for the AOR butterfly priced on this page is roughly $66.01 and $69.99 at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk.
When should you consider a butterfly on AOR?: Butterflies on AOR are pinning bets - traders use them when they expect AOR to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
How does current AOR implied volatility affect this butterfly?: Current AOR ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.