How are ASTN 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 ASTN butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 146.30%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ASTN butterfly?

The breakeven for the ASTN butterfly priced on this page is roughly $18.43 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 ASTN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 41.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ASTN implied volatility affect this butterfly?

Current ASTN ATM IV is 146.30%; IV rank context is unavailable in the current snapshot.

ASTN Butterfly Strategy

ASTN (Tidal Trust II - Defiance Daily Target 2X Short ASTS ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

ASTN uses swap agreements to make bearish bets on AST SpaceMobile, Inc. (NYSE: ASTS) share price. AST Spacemobile engages in building a broadband cellular network in space to operate directly with standard, unmodified mobile devices based on an extensive IP and patent portfolio. The fund maintains a daily leveraged exposure equivalent to -200% of the fund's net assets through daily rebalancing. As a geared product, the fund is intended as a short-term tactical tool, rather than as a long-term investment vehicle. As a result, returns may deviate from the expected -2x if held for longer than a single day due to compounding. This strategy is high-risk and does not include a defensive position as part of its overall process.

ASTN (Tidal Trust II - Defiance Daily Target 2X Short ASTS ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $4.1M, a beta of -0.59 versus the broader market, a 52-week range of 12.64-100.24, average daily share volume of 2.9M, a public-listing history dating back to 2026. These structural characteristics shape how ASTN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.59 indicates ASTN 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 ASTN?

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.

ASTN snapshot

As of September 29, 2026, spot at $18.45, ATM IV 146.30%, expected move 41.94%. The butterfly on ASTN 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 ASTN specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ASTN is inferred from ATM IV at 146.30% alone, with a market-implied 1-standard-deviation move of approximately 41.94% (roughly $7.74 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 ASTN expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASTN should anchor to the underlying notional of $18.45 per share and to the trader's directional view on ASTN stock.

ASTN butterfly setup

The ASTN 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 ASTN at $18.45 on that close, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASTN 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 ASTN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$18.00	$2.55
Sell 2	Call	$18.00	$2.55
Buy 1	Call	$19.00	$2.13

ASTN butterfly risk and reward

Net Premium / Debit: +$42.50
Max Profit (per contract): $42.50
Max Loss (per contract): -$57.50
Breakeven(s): $18.43
Risk / Reward Ratio: 0.739

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.

ASTN butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on ASTN. 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%	+$42.50
$4.09	-77.8%	+$42.50
$8.17	-55.7%	+$42.50
$12.24	-33.6%	+$42.50
$16.32	-11.5%	+$42.50
$20.40	+10.6%	-$57.50
$24.48	+32.7%	-$57.50
$28.56	+54.8%	-$57.50
$32.64	+76.9%	-$57.50
$36.71	+99.0%	-$57.50

When traders use butterfly on ASTN

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

ASTN thesis for this butterfly

The market-implied 1-standard-deviation range for ASTN extends from approximately $10.71 on the downside to $26.19 on the upside. A ASTN long call butterfly is a pinning play: it pays maximum at the middle strike if ASTN 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, ASTN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASTN-specific events.

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

Frequently asked questions

What is a butterfly on ASTN?: A butterfly on ASTN is the butterfly strategy applied to ASTN (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 ASTN stock at $18.45 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed ASTN chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ASTN 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 ASTN butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 146.30%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ASTN butterfly?: The breakeven for the ASTN butterfly priced on this page is roughly $18.43 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 ASTN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 41.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on ASTN?: Butterflies on ASTN are pinning bets - traders use them when they expect ASTN 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 ASTN implied volatility affect this butterfly?: Current ASTN ATM IV is 146.30%; IV rank context is unavailable in the current snapshot.