How are ADSK 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 ADSK butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 57.94%), the computed maximum profit is $989.82 per contract and the computed maximum loss is -$510.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ADSK butterfly?

The breakeven for the ADSK butterfly priced on this page is roughly $223.60 and $244.90 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 ADSK market-implied 1-standard-deviation expected move is approximately 16.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ADSK implied volatility affect this butterfly?

ADSK ATM IV is at 57.94% with IV rank near 99.78%, 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.

ADSK Butterfly Strategy

ADSK (Autodesk, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.

Autodesk, Inc. provides 3D design, engineering, and entertainment software and services worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries. It also provides Inventor tools for 3D mechanical design, simulation, analysis, tooling, visualization, and documentation; Vault, a data management software to manage data in one central location, accelerate design processes, and streamline internal/external collaboration; Maya and 3ds Max software products that offer 3D modeling, animation, effects, rendering, and compositing solutions; and ShotGrid, a cloud-based software for review and production tracking in the media and entertainment industry. It sells its products and services to customers directly, as well as through a network of resellers and distributors. Autodesk, Inc. was incorporated in 1982 and is headquartered in San Rafael, California.

ADSK (Autodesk, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $48.78B, a trailing P/E of 43.58, a beta of 1.32 versus the broader market, a 52-week range of 214.1-329.09, average daily share volume of 2.1M, a public-listing history dating back to 1985, approximately 15K full-time employees. These structural characteristics shape how ADSK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.32 indicates ADSK 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 43.58 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 ADSK?

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 ADSK snapshot

As of May 15, 2026, spot at $236.18, ATM IV 57.94%, IV rank 99.78%, expected move 16.61%. The butterfly on ADSK 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 28-day expiry.

Why this butterfly structure on ADSK specifically: ADSK IV at 57.94% is rich versus its 1-year range, which makes a premium-buying ADSK butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 16.61% (roughly $39.23 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ADSK expiries trade a higher absolute premium for lower per-day decay. Position sizing on ADSK should anchor to the underlying notional of $236.18 per share and to the trader's directional view on ADSK stock.

ADSK butterfly setup

The ADSK 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 ADSK near $236.18, the first option leg uses a $225.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ADSK chain at a 28-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 ADSK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$225.00	$21.40
Sell 2	Call	$235.00	$16.15
Buy 1	Call	$250.00	$11.00

ADSK butterfly risk and reward

Net Premium / Debit: -$10.00
Max Profit (per contract): $989.82
Max Loss (per contract): -$510.00
Breakeven(s): $223.60, $244.90
Risk / Reward Ratio: 1.941

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.

ADSK butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on ADSK. 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%	-$10.00
$52.23	-77.9%	-$10.00
$104.45	-55.8%	-$10.00
$156.67	-33.7%	-$10.00
$208.89	-11.6%	-$10.00
$261.11	+10.6%	-$510.00
$313.33	+32.7%	-$510.00
$365.55	+54.8%	-$510.00
$417.77	+76.9%	-$510.00
$469.99	+99.0%	-$510.00

When traders use butterfly on ADSK

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

ADSK thesis for this butterfly

The market-implied 1-standard-deviation range for ADSK extends from approximately $196.95 on the downside to $275.41 on the upside. A ADSK long call butterfly is a pinning play: it pays maximum at the middle strike if ADSK settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ADSK IV rank near 99.78% 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 ADSK at 57.94%. As a Technology name, ADSK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ADSK-specific events.

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

Frequently asked questions

What is a butterfly on ADSK?: A butterfly on ADSK is the butterfly strategy applied to ADSK (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 ADSK stock trading near $236.18, the strikes shown on this page are snapped to the nearest listed ADSK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ADSK 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 ADSK butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 57.94%), the computed maximum profit is $989.82 per contract and the computed maximum loss is -$510.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ADSK butterfly?: The breakeven for the ADSK butterfly priced on this page is roughly $223.60 and $244.90 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 ADSK market-implied 1-standard-deviation expected move is approximately 16.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on ADSK?: Butterflies on ADSK are pinning bets - traders use them when they expect ADSK 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 ADSK implied volatility affect this butterfly?: ADSK ATM IV is at 57.94% with IV rank near 99.78%, 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.