How are BRKR 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 BRKR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.20%), the computed maximum profit is $195.52 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BRKR butterfly?

The breakeven for the BRKR butterfly priced on this page is roughly $40.43 and $44.58 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 BRKR market-implied 1-standard-deviation expected move is approximately 14.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BRKR implied volatility affect this butterfly?

BRKR ATM IV is at 52.20% with IV rank near 28.07%, 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.

BRKR Butterfly Strategy

BRKR (Bruker Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.

Bruker Corporation develops, manufactures, and distributes scientific instruments, and analytical and diagnostic solutions in the United States and internationally. The company operates through three segments: Bruker Scientific Instruments (BSI) Life Science, BSI NANO, and Bruker Energy & Supercon Technologies. It offers life science tools, and single and multiple modality systems; life science mass spectrometry; MALDI Biotyper rapid pathogen identification platform and related test kits, DNA test strips, and fluorescence-based polymerase chain reaction technology; genotype and fluorotype molecular diagnostics kits; research, analytical, and process analysis instruments and solutions; SARS-CoV 2 testing for the diagnosis of COVID-19 infection; and Fluorotyper-SARS-CoV 2 plus kits. It also provides range of portable analytical and bioanalytical detection systems, and related products; X-ray instruments; analytical tools for electron microscopes, as well as handheld, portable, and mobile X-ray fluorescence spectrometry instruments; atomic force microscopy instrumentation; non-contact nanometer resolution solution topography; and automated X-ray metrology, automated AFM defect-detection, and photomask repair and cleaning equipment. In addition, the company offers advanced optical fluorescence microscopy instruments; products and services to support the multi-omics needs of researchers in translational research, drug, and biomarker discovery; superconducting materials, such as metallic low temperature superconductors; devices and complex tools based on metallic low temperature superconductors; and non-superconducting high technology tools, such as synchrotron and beamline instrumentation. Bruker Corporation has a collaboration with Newomics Inc. on a LC-MS platform for drug discovery.

BRKR (Bruker Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $6.67B, a beta of 1.12 versus the broader market, a 52-week range of 28.53-56.22, average daily share volume of 2.1M, a public-listing history dating back to 2000, approximately 11K full-time employees. These structural characteristics shape how BRKR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.12 places BRKR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. BRKR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on BRKR?

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 BRKR snapshot

As of May 15, 2026, spot at $42.83, ATM IV 52.20%, IV rank 28.07%, expected move 14.97%. The butterfly on BRKR 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 34-day expiry.

Why this butterfly structure on BRKR specifically: BRKR IV at 52.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a BRKR butterfly, with a market-implied 1-standard-deviation move of approximately 14.97% (roughly $6.41 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BRKR expiries trade a higher absolute premium for lower per-day decay. Position sizing on BRKR should anchor to the underlying notional of $42.83 per share and to the trader's directional view on BRKR stock.

BRKR butterfly setup

The BRKR 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 BRKR near $42.83, the first option leg uses a $40.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BRKR chain at a 34-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 BRKR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$40.00	$4.40
Sell 2	Call	$42.50	$2.98
Buy 1	Call	$45.00	$1.98

BRKR butterfly risk and reward

Net Premium / Debit: -$42.50
Max Profit (per contract): $195.52
Max Loss (per contract): -$42.50
Breakeven(s): $40.43, $44.58
Risk / Reward Ratio: 4.600

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.

BRKR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on BRKR. 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%	-$42.50
$9.48	-77.9%	-$42.50
$18.95	-55.8%	-$42.50
$28.42	-33.7%	-$42.50
$37.89	-11.5%	-$42.50
$47.35	+10.6%	-$42.50
$56.82	+32.7%	-$42.50
$66.29	+54.8%	-$42.50
$75.76	+76.9%	-$42.50
$85.23	+99.0%	-$42.50

When traders use butterfly on BRKR

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

BRKR thesis for this butterfly

The market-implied 1-standard-deviation range for BRKR extends from approximately $36.42 on the downside to $49.24 on the upside. A BRKR long call butterfly is a pinning play: it pays maximum at the middle strike if BRKR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current BRKR IV rank near 28.07% 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 BRKR at 52.20%. As a Healthcare name, BRKR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BRKR-specific events.

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

Frequently asked questions

What is a butterfly on BRKR?: A butterfly on BRKR is the butterfly strategy applied to BRKR (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 BRKR stock trading near $42.83, the strikes shown on this page are snapped to the nearest listed BRKR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are BRKR 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 BRKR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.20%), the computed maximum profit is $195.52 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BRKR butterfly?: The breakeven for the BRKR butterfly priced on this page is roughly $40.43 and $44.58 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 BRKR market-implied 1-standard-deviation expected move is approximately 14.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on BRKR?: Butterflies on BRKR are pinning bets - traders use them when they expect BRKR 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 BRKR implied volatility affect this butterfly?: BRKR ATM IV is at 52.20% with IV rank near 28.07%, 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.