How are DCOR 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 DCOR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 19.00%), the computed maximum profit is $206.29 per contract and the computed maximum loss is -$154.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DCOR butterfly?

The breakeven for the DCOR butterfly priced on this page is roughly $79.54 and $84.46 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current DCOR market-implied 1-standard-deviation expected move is approximately 5.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DCOR implied volatility affect this butterfly?

DCOR ATM IV is at 19.00% with IV rank near 31.91%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

DCOR Butterfly Strategy

DCOR (Dimensional - US Core Equity 1 ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The fund's advisor utilizes a comprehensive investment methodology, blending in-depth research, strategic portfolio construction, ongoing management, and effective trading practices to achieve its goals. The ETF primarily aims to acquire a wide and diverse array of equity securities from companies based in the United States. Under normal market conditions, at least 80% of the ETF's net assets will be invested in U.S. company stocks, though this guideline is not a fundamental policy.

DCOR (Dimensional - US Core Equity 1 ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $3.13B, a beta of 0.99 versus the broader market, a 52-week range of 66.6-82.8, average daily share volume of 105K, a public-listing history dating back to 2023. These structural characteristics shape how DCOR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.99 places DCOR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. DCOR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on DCOR?

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.

Current DCOR snapshot

As of June 30, 2026, spot at $82.01, ATM IV 19.00%, IV rank 31.91%, expected move 5.45%. The butterfly on DCOR below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this butterfly structure on DCOR specifically: DCOR IV at 19.00% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 5.45% (roughly $4.47 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DCOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on DCOR should anchor to the underlying notional of $82.01 per share and to the trader's directional view on DCOR etf.

DCOR butterfly setup

The DCOR butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DCOR near $82.01, the first option leg uses a $78.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DCOR chain at a 17-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 DCOR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$78.00	$4.15
Sell 2	Call	$82.00	$1.42
Buy 1	Call	$86.00	$0.23

DCOR butterfly risk and reward

Net Premium / Debit: -$154.00
Max Profit (per contract): $206.29
Max Loss (per contract): -$154.00
Breakeven(s): $79.54, $84.46
Risk / Reward Ratio: 1.340

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.

DCOR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on DCOR. 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%	-$154.00
$18.14	-77.9%	-$154.00
$36.27	-55.8%	-$154.00
$54.41	-33.7%	-$154.00
$72.54	-11.6%	-$154.00
$90.67	+10.6%	-$154.00
$108.80	+32.7%	-$154.00
$126.93	+54.8%	-$154.00
$145.06	+76.9%	-$154.00
$163.20	+99.0%	-$154.00

When traders use butterfly on DCOR

Butterflies on DCOR are pinning bets - traders use them when they expect DCOR 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.

DCOR thesis for this butterfly

The market-implied 1-standard-deviation range for DCOR extends from approximately $77.54 on the downside to $86.48 on the upside. A DCOR long call butterfly is a pinning play: it pays maximum at the middle strike if DCOR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current DCOR IV rank near 31.91% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on DCOR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, DCOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DCOR-specific events.

DCOR 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. DCOR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DCOR alongside the broader basket even when DCOR-specific fundamentals are unchanged. Always rebuild the position from current DCOR chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on DCOR?: A butterfly on DCOR is the butterfly strategy applied to DCOR (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 DCOR etf trading near $82.01, the strikes shown on this page are snapped to the nearest listed DCOR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are DCOR 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 DCOR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 19.00%), the computed maximum profit is $206.29 per contract and the computed maximum loss is -$154.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DCOR butterfly?: The breakeven for the DCOR butterfly priced on this page is roughly $79.54 and $84.46 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current DCOR market-implied 1-standard-deviation expected move is approximately 5.45%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on DCOR?: Butterflies on DCOR are pinning bets - traders use them when they expect DCOR 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 DCOR implied volatility affect this butterfly?: DCOR ATM IV is at 19.00% with IV rank near 31.91%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.