How are MRAX 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 MRAX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 168.00%), the computed maximum profit is $138.46 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MRAX butterfly?

The breakeven for the MRAX butterfly priced on this page is roughly $29.53 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 MRAX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 48.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MRAX implied volatility affect this butterfly?

Current MRAX ATM IV is 168.00%; IV rank context is unavailable in the current snapshot.

MRAX Butterfly Strategy

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

MRAX is a short-term tactical tool that aims to deliver twice (200%) the daily performance of Everspin Technologies, Inc. (Nasdaq: MRAM), before fees and expenses. The fund primarily enters into total return swap agreements with major global financial institutions that mirror MRAM's daily returns. In case swaps are unavailable or less efficient, the fund may use FLEX call options or directly hold MRAM stock. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the 2x multiple. 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.

MRAX (Investment Managers Series Trust II - Tradr 2X Long MRAM Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $1.6M, a beta of 0.00 versus the broader market, a 52-week range of 18.09-41, average daily share volume of 7K, a public-listing history dating back to 2026. These structural characteristics shape how MRAX etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates MRAX 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 MRAX?

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.

MRAX snapshot

As of September 29, 2026, spot at $30.93, ATM IV 168.00%, expected move 48.16%. The butterfly on MRAX 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 MRAX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for MRAX is inferred from ATM IV at 168.00% alone, with a market-implied 1-standard-deviation move of approximately 48.16% (roughly $14.90 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 MRAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MRAX should anchor to the underlying notional of $30.93 per share and to the trader's directional view on MRAX etf.

MRAX butterfly setup

The MRAX 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 MRAX at $30.93 on that close, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MRAX 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 MRAX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$29.00	$5.55
Sell 2	Call	$31.00	$4.55
Buy 1	Call	$32.00	$4.08

MRAX butterfly risk and reward

Net Premium / Debit: -$52.50
Max Profit (per contract): $138.46
Max Loss (per contract): -$52.50
Breakeven(s): $29.53
Risk / Reward Ratio: 2.637

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.

MRAX butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on MRAX. 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%	-$52.50
$6.85	-77.9%	-$52.50
$13.69	-55.8%	-$52.50
$20.52	-33.6%	-$52.50
$27.36	-11.5%	-$52.50
$34.20	+10.6%	+$47.50
$41.04	+32.7%	+$47.50
$47.87	+54.8%	+$47.50
$54.71	+76.9%	+$47.50
$61.55	+99.0%	+$47.50

When traders use butterfly on MRAX

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

MRAX thesis for this butterfly

The market-implied 1-standard-deviation range for MRAX extends from approximately $16.03 on the downside to $45.83 on the upside. A MRAX long call butterfly is a pinning play: it pays maximum at the middle strike if MRAX 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, MRAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MRAX-specific events.

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

Frequently asked questions

What is a butterfly on MRAX?: A butterfly on MRAX is the butterfly strategy applied to MRAX (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 MRAX etf at $30.93 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed MRAX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are MRAX 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 MRAX butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 168.00%), the computed maximum profit is $138.46 per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MRAX butterfly?: The breakeven for the MRAX butterfly priced on this page is roughly $29.53 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 MRAX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 48.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on MRAX?: Butterflies on MRAX are pinning bets - traders use them when they expect MRAX 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 MRAX implied volatility affect this butterfly?: Current MRAX ATM IV is 168.00%; IV rank context is unavailable in the current snapshot.