How are BXC 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 BXC butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 65.00%), the computed maximum profit is $465.63 per contract and the computed maximum loss is -$20.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a BXC butterfly?

The breakeven for the BXC butterfly priced on this page is roughly $79.99 and $89.84 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 BXC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current BXC implied volatility affect this butterfly?

BXC ATM IV is at 65.00% with IV rank near 43.69%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

BXC Butterfly Strategy

BXC (BlueLinx Holdings Inc.), in the Industrials sector, (Industrial - Distribution industry), listed on NYSE.

BlueLinx Holdings Inc., operating alongside its various divisions, is a prominent supplier of construction materials for both residential and commercial projects across the U.S. Its extensive product portfolio encompasses a range of specialized items such as engineered wood, industrial components, cedar, trim, cladding, various metal products, and insulation materials. Additionally, it provides essential structural commodities like lumber, plywood, oriented strand boards (OSB), rebar, and diverse timber products, predominantly utilized for foundational support in building endeavors. Beyond material supply, BlueLinx delivers a suite of beneficial services and strategic solutions to both its clientele and vendor partners. Reaching a diverse client base, including independent dealers, specialized distributors, major home improvement retailers, and pre-fabricated housing manufacturers, the firm leverages an expansive logistics network of strategically located distribution facilities. Established in 2004, BlueLinx Holdings Inc. maintains its corporate headquarters in Marietta, Georgia.

BXC (BlueLinx Holdings Inc.) trades in the Industrials sector, specifically Industrial - Distribution, with a market capitalization of approximately $694.3M, a beta of 1.40 versus the broader market, a 52-week range of 44.78-93.8, average daily share volume of 143K, a public-listing history dating back to 2004, approximately 2K full-time employees. These structural characteristics shape how BXC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.40 indicates BXC has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. BXC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on BXC?

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.

BXC snapshot

As of August 14, 2026, spot at $86.15, ATM IV 65.00%, IV rank 43.69%, expected move 18.63%. The butterfly on BXC 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 98-day expiry.

Why this butterfly structure on BXC specifically: BXC IV at 65.00% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 18.63% (roughly $16.05 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BXC expiries trade a higher absolute premium for lower per-day decay. Position sizing on BXC should anchor to the underlying notional of $86.15 per share and to the trader's directional view on BXC stock.

BXC butterfly setup

The BXC 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 BXC at $86.15 on that close, the first option leg uses a $80.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BXC chain at a 98-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 BXC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$80.00	$15.60
Sell 2	Call	$85.00	$13.35
Buy 1	Call	$90.00	$11.30

BXC butterfly risk and reward

Net Premium / Debit: -$20.00
Max Profit (per contract): $465.63
Max Loss (per contract): -$20.00
Breakeven(s): $79.99, $89.84
Risk / Reward Ratio: 23.282

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.

BXC butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on BXC. 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%	-$20.00
$19.06	-77.9%	-$20.00
$38.10	-55.8%	-$20.00
$57.15	-33.7%	-$20.00
$76.20	-11.6%	-$20.00
$95.25	+10.6%	-$20.00
$114.29	+32.7%	-$20.00
$133.34	+54.8%	-$20.00
$152.39	+76.9%	-$20.00
$171.43	+99.0%	-$20.00

When traders use butterfly on BXC

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

BXC thesis for this butterfly

The market-implied 1-standard-deviation range for BXC extends from approximately $70.10 on the downside to $102.20 on the upside. A BXC long call butterfly is a pinning play: it pays maximum at the middle strike if BXC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current BXC IV rank near 43.69% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on BXC should anchor more to the directional view and the expected-move geometry. As a Industrials name, BXC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BXC-specific events.

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

Frequently asked questions

What is a butterfly on BXC?: A butterfly on BXC is the butterfly strategy applied to BXC (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 BXC stock at $86.15 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed BXC chain strike and the premiums come straight from that session's bid/ask midpoint.
How are BXC 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 BXC butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 65.00%), the computed maximum profit is $465.63 per contract and the computed maximum loss is -$20.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a BXC butterfly?: The breakeven for the BXC butterfly priced on this page is roughly $79.99 and $89.84 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 BXC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on BXC?: Butterflies on BXC are pinning bets - traders use them when they expect BXC 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 BXC implied volatility affect this butterfly?: BXC ATM IV is at 65.00% with IV rank near 43.69%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.