How are METQ 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 METQ butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 73.70%), the computed maximum profit is $37.50 per contract and the computed maximum loss is -$62.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a METQ butterfly?

The breakeven for the METQ butterfly priced on this page is roughly $13.63 at expiration, derived from the September 29, 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. The METQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current METQ implied volatility affect this butterfly?

Current METQ ATM IV is 73.70%; IV rank context is unavailable in the current snapshot.

METQ Butterfly Strategy

METQ (Investment Managers Series Trust II - Tradr 2X Short META Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

METQ is a short-term tactical tool that aims to deliver -2x the price return, less fees and expenses, for a single day of Meta Platforms, Inc. (NASDAQ: META) stock. META builds technologies that help people connect, find communities, and grow businesses through social media apps, AI, and virtual reality. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the -2x multiple. Aside from the inverse exposure, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.

METQ (Investment Managers Series Trust II - Tradr 2X Short META Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $565,556, a beta of 0.00 versus the broader market, a 52-week range of 12.27-27.75, average daily share volume of 370K, a public-listing history dating back to 2026. These structural characteristics shape how METQ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates METQ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a butterfly on METQ?

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.

METQ snapshot

As of September 29, 2026, spot at $13.67, ATM IV 73.70%, expected move 21.13%. The butterfly on METQ below is built from the September 29, 2026 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 METQ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for METQ is inferred from ATM IV at 73.70% alone, with a market-implied 1-standard-deviation move of approximately 21.13% (roughly $2.89 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 METQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on METQ should anchor to the underlying notional of $13.67 per share and to the trader's directional view on METQ etf.

METQ butterfly setup

The METQ butterfly below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With METQ at $13.67 on that close, the first option leg uses a $13.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed METQ 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 METQ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$13.00	$1.35
Sell 2	Call	$14.00	$0.73
Buy 1	Call	$14.00	$0.73

METQ butterfly risk and reward

Net Premium / Debit: -$62.50
Max Profit (per contract): $37.50
Max Loss (per contract): -$62.50
Breakeven(s): $13.63
Risk / Reward Ratio: 0.600

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.

METQ butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on METQ. 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	-99.9%	-$62.50
$3.03	-77.8%	-$62.50
$6.05	-55.7%	-$62.50
$9.07	-33.6%	-$62.50
$12.10	-11.5%	-$62.50
$15.12	+10.6%	+$37.50
$18.14	+32.7%	+$37.50
$21.16	+54.8%	+$37.50
$24.18	+76.9%	+$37.50
$27.20	+99.0%	+$37.50

When traders use butterfly on METQ

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

METQ thesis for this butterfly

The market-implied 1-standard-deviation range for METQ extends from approximately $10.78 on the downside to $16.56 on the upside. A METQ long call butterfly is a pinning play: it pays maximum at the middle strike if METQ 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, METQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to METQ-specific events.

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

Frequently asked questions

What is a butterfly on METQ?: A butterfly on METQ is the butterfly strategy applied to METQ (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 METQ etf at $13.67 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed METQ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are METQ 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 METQ butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 73.70%), the computed maximum profit is $37.50 per contract and the computed maximum loss is -$62.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a METQ butterfly?: The breakeven for the METQ butterfly priced on this page is roughly $13.63 at expiration, derived from the September 29, 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. The METQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on METQ?: Butterflies on METQ are pinning bets - traders use them when they expect METQ 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 METQ implied volatility affect this butterfly?: Current METQ ATM IV is 73.70%; IV rank context is unavailable in the current snapshot.