How are BOKF 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 BOKF butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.20%), the computed maximum profit is $371.01 per contract and the computed maximum loss is -$573.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BOKF butterfly?

The breakeven for the BOKF butterfly priced on this page is roughly $140.61 and $149.27 at expiration, derived from the August 14, 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 BOKF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BOKF implied volatility affect this butterfly?

BOKF ATM IV is at 21.20% with IV rank near 2.28%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

BOKF Butterfly Strategy

BOKF (BOK Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.

BOK Financial Corporation (BOKF) functions as the holding company for its primary banking subsidiary, BOKF, NA, delivering a comprehensive suite of financial products and services. Its operations span a multi-state region, including Oklahoma, Texas, New Mexico, Northwest Arkansas, Colorado, Arizona, and parts of Kansas and Missouri. The company's business is strategically organized into three distinct divisions: Commercial Banking: This segment caters to diverse business clientele, ranging from small enterprises to large corporations. It provides essential services like corporate lending, treasury management, cash flow solutions, and risk management for commodity exposure. This segment also manages the extensive TransFund electronic funds transfer (EFT) network. Consumer Banking: This division focuses on individual and small business clients, offering deposit accounts and various loan products through its consumer branch network.

BOKF (BOK Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $8.88B, a trailing P/E of 13.48, a beta of 0.79 versus the broader market, a 52-week range of 102.72-146.38, average daily share volume of 279K, a public-listing history dating back to 1991, approximately 5K full-time employees. These structural characteristics shape how BOKF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.79 places BOKF roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BOKF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on BOKF?

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.

BOKF snapshot

As of August 14, 2026, spot at $146.29, ATM IV 21.20%, IV rank 2.28%, expected move 6.08%. The butterfly on BOKF below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this butterfly structure on BOKF specifically: BOKF IV at 21.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a BOKF butterfly, with a market-implied 1-standard-deviation move of approximately 6.08% (roughly $8.89 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BOKF expiries trade a higher absolute premium for lower per-day decay. Position sizing on BOKF should anchor to the underlying notional of $146.29 per share and to the trader's directional view on BOKF stock.

BOKF butterfly setup

The BOKF butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BOKF at $146.29 on that close, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BOKF chain at a 35-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 BOKF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$140.00	$7.10
Sell 2	Call	$145.00	$3.50
Buy 1	Call	$155.00	$0.63

BOKF butterfly risk and reward

Net Premium / Debit: -$73.00
Max Profit (per contract): $371.01
Max Loss (per contract): -$573.00
Breakeven(s): $140.61, $149.27
Risk / Reward Ratio: 0.647

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.

BOKF butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on BOKF. 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%	-$73.00
$32.35	-77.9%	-$73.00
$64.70	-55.8%	-$73.00
$97.04	-33.7%	-$73.00
$129.39	-11.6%	-$73.00
$161.73	+10.6%	-$573.00
$194.08	+32.7%	-$573.00
$226.42	+54.8%	-$573.00
$258.77	+76.9%	-$573.00
$291.11	+99.0%	-$573.00

When traders use butterfly on BOKF

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

BOKF thesis for this butterfly

The market-implied 1-standard-deviation range for BOKF extends from approximately $137.40 on the downside to $155.18 on the upside. A BOKF long call butterfly is a pinning play: it pays maximum at the middle strike if BOKF settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current BOKF IV rank near 2.28% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on BOKF at 21.20%. As a Financial Services name, BOKF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BOKF-specific events.

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

Frequently asked questions

What is a butterfly on BOKF?: A butterfly on BOKF is the butterfly strategy applied to BOKF (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 BOKF stock at $146.29 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BOKF chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BOKF 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 BOKF butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.20%), the computed maximum profit is $371.01 per contract and the computed maximum loss is -$573.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BOKF butterfly?: The breakeven for the BOKF butterfly priced on this page is roughly $140.61 and $149.27 at expiration, derived from the August 14, 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 BOKF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on BOKF?: Butterflies on BOKF are pinning bets - traders use them when they expect BOKF 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 BOKF implied volatility affect this butterfly?: BOKF ATM IV is at 21.20% with IV rank near 2.28%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.