How are IVOG 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 IVOG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 19.60%), the computed maximum profit is $460.97 per contract and the computed maximum loss is -$207.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a IVOG butterfly?

The breakeven for the IVOG butterfly priced on this page is roughly $132.08 and $141.93 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 IVOG market-implied 1-standard-deviation expected move is approximately 5.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current IVOG implied volatility affect this butterfly?

IVOG ATM IV is at 19.60% with IV rank near 36.65%, 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.

IVOG Butterfly Strategy

IVOG (Vanguard S&P Mid-Cap 400 Growth ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

Invests in stocks in the S&P MidCap 400 Growth Index, composed of the growth companies in the S&P 400.Focuses on closely tracking the index’s return, which is considered a gauge of overall U.S. mid-cap growth stock returns.Offers high potential for investment growth; share value rises and falls more sharply than that of funds holding bonds.More appropriate for long-term goals where your money’s growth is essential.On March 14, 2023, this ETF underwent a 2:1 share split, which decreased the price per share of the ETF with a proportionate increase in the number of shares outstanding. Historical share price data has not been adjusted for the split except where market data is being used, as indicated. Although certain data may reflect both pre-and post-split prices, returns are not impacted.

IVOG (Vanguard S&P Mid-Cap 400 Growth ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.72B, a beta of 1.09 versus the broader market, a 52-week range of 106.9-142.15, average daily share volume of 38K, a public-listing history dating back to 2010. These structural characteristics shape how IVOG etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.09 places IVOG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. IVOG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on IVOG?

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 IVOG snapshot

As of May 15, 2026, spot at $137.37, ATM IV 19.60%, IV rank 36.65%, expected move 5.62%. The butterfly on IVOG 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 63-day expiry.

Why this butterfly structure on IVOG specifically: IVOG IV at 19.60% 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 5.62% (roughly $7.72 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated IVOG expiries trade a higher absolute premium for lower per-day decay. Position sizing on IVOG should anchor to the underlying notional of $137.37 per share and to the trader's directional view on IVOG etf.

IVOG butterfly setup

The IVOG 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 IVOG near $137.37, the first option leg uses a $131.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IVOG chain at a 63-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 IVOG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$131.00	$9.10
Sell 2	Call	$137.00	$4.90
Buy 1	Call	$144.00	$1.78

IVOG butterfly risk and reward

Net Premium / Debit: -$107.50
Max Profit (per contract): $460.97
Max Loss (per contract): -$207.50
Breakeven(s): $132.08, $141.93
Risk / Reward Ratio: 2.222

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.

IVOG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on IVOG. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$107.50
$30.38	-77.9%	-$107.50
$60.75	-55.8%	-$107.50
$91.13	-33.7%	-$107.50
$121.50	-11.6%	-$107.50
$151.87	+10.6%	-$207.50
$182.24	+32.7%	-$207.50
$212.62	+54.8%	-$207.50
$242.99	+76.9%	-$207.50
$273.36	+99.0%	-$207.50

When traders use butterfly on IVOG

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

IVOG thesis for this butterfly

The market-implied 1-standard-deviation range for IVOG extends from approximately $129.65 on the downside to $145.09 on the upside. A IVOG long call butterfly is a pinning play: it pays maximum at the middle strike if IVOG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current IVOG IV rank near 36.65% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on IVOG should anchor more to the directional view and the expected-move geometry. As a Financial Services name, IVOG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IVOG-specific events.

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

Frequently asked questions

What is a butterfly on IVOG?: A butterfly on IVOG is the butterfly strategy applied to IVOG (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 IVOG etf trading near $137.37, the strikes shown on this page are snapped to the nearest listed IVOG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are IVOG 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 IVOG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 19.60%), the computed maximum profit is $460.97 per contract and the computed maximum loss is -$207.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a IVOG butterfly?: The breakeven for the IVOG butterfly priced on this page is roughly $132.08 and $141.93 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 IVOG market-implied 1-standard-deviation expected move is approximately 5.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on IVOG?: Butterflies on IVOG are pinning bets - traders use them when they expect IVOG 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 IVOG implied volatility affect this butterfly?: IVOG ATM IV is at 19.60% with IV rank near 36.65%, 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.