How are ACLS 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 ACLS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.70%), the computed maximum profit is $814.38 per contract and the computed maximum loss is -$135.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ACLS butterfly?

The breakeven for the ACLS butterfly priced on this page is roughly $166.35 and $183.66 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 ACLS market-implied 1-standard-deviation expected move is approximately 24.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ACLS implied volatility affect this butterfly?

ACLS ATM IV is at 85.70% with IV rank near 71.10%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

ACLS Butterfly Strategy

ACLS (Axcelis Technologies, Inc.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.

Axcelis Technologies, Inc. is a company dedicated to the creation, production, and maintenance of specialized ion implantation and other essential processing machinery used in the fabrication of semiconductor chips. Operating internationally, its presence extends across North America, Europe, and Asia. The firm offers a wide array of implanter technologies, such as high-energy, high-current, and medium-current systems, designed to meet diverse application needs. Furthermore, Axcelis provides extensive post-sales support and lifecycle solutions, including the sale of pre-owned equipment, replacement parts, system upgrades, ongoing maintenance, and client instruction. It directly furnishes its advanced equipment and services to microchip manufacturers through its own dedicated sales personnel. Founded in 1978, Axcelis Technologies has its corporate headquarters situated in Beverly, Massachusetts.

ACLS (Axcelis Technologies, Inc.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $5.32B, a trailing P/E of 52.76, a beta of 1.92 versus the broader market, a 52-week range of 65.64-193.78, average daily share volume of 682K, a public-listing history dating back to 2000, approximately 2K full-time employees. These structural characteristics shape how ACLS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.92 indicates ACLS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 52.76 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a butterfly on ACLS?

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 ACLS snapshot

As of June 29, 2026, spot at $175.37, ATM IV 85.70%, IV rank 71.10%, expected move 24.57%. The butterfly on ACLS 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 18-day expiry.

Why this butterfly structure on ACLS specifically: ACLS IV at 85.70% is rich versus its 1-year range, which makes a premium-buying ACLS butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 24.57% (roughly $43.09 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ACLS expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACLS should anchor to the underlying notional of $175.37 per share and to the trader's directional view on ACLS stock.

ACLS butterfly setup

The ACLS 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 ACLS near $175.37, the first option leg uses a $165.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACLS chain at a 18-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 ACLS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$165.00	$18.90
Sell 2	Call	$175.00	$13.30
Buy 1	Call	$185.00	$9.05

ACLS butterfly risk and reward

Net Premium / Debit: -$135.00
Max Profit (per contract): $814.38
Max Loss (per contract): -$135.00
Breakeven(s): $166.35, $183.66
Risk / Reward Ratio: 6.032

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.

ACLS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on ACLS. 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%	-$135.00
$38.78	-77.9%	-$135.00
$77.56	-55.8%	-$135.00
$116.33	-33.7%	-$135.00
$155.11	-11.6%	-$135.00
$193.88	+10.6%	-$135.00
$232.66	+32.7%	-$135.00
$271.43	+54.8%	-$135.00
$310.20	+76.9%	-$135.00
$348.98	+99.0%	-$135.00

When traders use butterfly on ACLS

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

ACLS thesis for this butterfly

The market-implied 1-standard-deviation range for ACLS extends from approximately $132.28 on the downside to $218.46 on the upside. A ACLS long call butterfly is a pinning play: it pays maximum at the middle strike if ACLS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ACLS IV rank near 71.10% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ACLS at 85.70%. As a Technology name, ACLS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACLS-specific events.

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

Frequently asked questions

What is a butterfly on ACLS?: A butterfly on ACLS is the butterfly strategy applied to ACLS (stock). 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 ACLS stock trading near $175.37, the strikes shown on this page are snapped to the nearest listed ACLS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ACLS 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 ACLS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.70%), the computed maximum profit is $814.38 per contract and the computed maximum loss is -$135.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ACLS butterfly?: The breakeven for the ACLS butterfly priced on this page is roughly $166.35 and $183.66 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 ACLS market-implied 1-standard-deviation expected move is approximately 24.57%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on ACLS?: Butterflies on ACLS are pinning bets - traders use them when they expect ACLS 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 ACLS implied volatility affect this butterfly?: ACLS ATM IV is at 85.70% with IV rank near 71.10%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.