How are MVLL 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 MVLL butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 186.50%), the computed maximum profit is $268.83 per contract and the computed maximum loss is -$8.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MVLL butterfly?

The breakeven for the MVLL butterfly priced on this page is roughly $60.08 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 MVLL market-implied 1-standard-deviation expected move is approximately 53.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MVLL implied volatility affect this butterfly?

MVLL ATM IV is at 186.50% with IV rank near 63.95%, 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.

MVLL Butterfly Strategy

MVLL (GraniteShares 2x Long MRVL Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This ETF aims to deliver daily investment results, prior to accounting for fees and expenses, that are two times (200%) the daily percentage movement of Marvell Technology, Inc.'s (NASDAQ: MRVL) common stock. It is important to note that the fund's ability to consistently achieve this stated objective is not guaranteed. Furthermore, for investment periods extending beyond a single day, one should not anticipate that the fund's cumulative returns will precisely double those of MRVL.

MVLL (GraniteShares 2x Long MRVL Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $140.0M, a beta of 8.87 versus the broader market, a 52-week range of 4.321-77.66666, average daily share volume of 5.8M, a public-listing history dating back to 2025. These structural characteristics shape how MVLL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 8.87 indicates MVLL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a butterfly on MVLL?

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 MVLL snapshot

As of June 30, 2026, spot at $57.05, ATM IV 186.50%, IV rank 63.95%, expected move 53.47%. The butterfly on MVLL 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 MVLL specifically: MVLL IV at 186.50% 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 53.47% (roughly $30.50 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 MVLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on MVLL should anchor to the underlying notional of $57.05 per share and to the trader's directional view on MVLL etf.

MVLL butterfly setup

The MVLL 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 MVLL near $57.05, the first option leg uses a $54.33 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MVLL 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 MVLL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$54.33	$9.95
Sell 2	Call	$57.00	$9.00
Buy 1	Call	$60.00	$7.80

MVLL butterfly risk and reward

Net Premium / Debit: +$25.00
Max Profit (per contract): $268.83
Max Loss (per contract): -$8.00
Breakeven(s): $60.08
Risk / Reward Ratio: 33.604

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.

MVLL butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on MVLL. 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%	+$25.00
$12.62	-77.9%	+$25.00
$25.24	-55.8%	+$25.00
$37.85	-33.7%	+$25.00
$50.46	-11.5%	+$25.00
$63.07	+10.6%	-$8.00
$75.69	+32.7%	-$8.00
$88.30	+54.8%	-$8.00
$100.91	+76.9%	-$8.00
$113.53	+99.0%	-$8.00

When traders use butterfly on MVLL

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

MVLL thesis for this butterfly

The market-implied 1-standard-deviation range for MVLL extends from approximately $26.55 on the downside to $87.55 on the upside. A MVLL long call butterfly is a pinning play: it pays maximum at the middle strike if MVLL settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current MVLL IV rank near 63.95% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on MVLL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, MVLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MVLL-specific events.

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

Frequently asked questions

What is a butterfly on MVLL?: A butterfly on MVLL is the butterfly strategy applied to MVLL (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 MVLL etf trading near $57.05, the strikes shown on this page are snapped to the nearest listed MVLL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MVLL 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 MVLL butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 186.50%), the computed maximum profit is $268.83 per contract and the computed maximum loss is -$8.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MVLL butterfly?: The breakeven for the MVLL butterfly priced on this page is roughly $60.08 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 MVLL market-implied 1-standard-deviation expected move is approximately 53.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on MVLL?: Butterflies on MVLL are pinning bets - traders use them when they expect MVLL 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 MVLL implied volatility affect this butterfly?: MVLL ATM IV is at 186.50% with IV rank near 63.95%, 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.