How are CACI 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 CACI butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $2,846.48 per contract and the computed maximum loss is -$1,150.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CACI butterfly?

The breakeven for the CACI butterfly priced on this page is roughly $641.50 and $700.36 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 CACI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CACI implied volatility affect this butterfly?

CACI ATM IV is at 32.60% with IV rank near 21.50%, 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.

CACI Butterfly Strategy

CACI (CACI International Inc), in the Technology sector, (Information Technology Services industry), listed on NYSE.

CACI International Inc, alongside its subsidiaries, is a provider of specialized expertise and advanced technology. The company primarily serves enterprise and mission-critical customers by supporting vital national security objectives and facilitating government modernization and transformation efforts across the intelligence, defense, and federal civilian sectors. The company operates through two main divisions: Domestic Operations and International Operations. The Domestic Operations segment focuses on delivering information solutions and services to U.S. federal government agencies and commercial entities. This includes areas such as digital transformation, Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C4ISR), cybersecurity and space technologies, engineering services, enterprise IT management, and mission support. Internationally, CACI offers a suite of IT services, proprietary data, and software products to both commercial and government clients throughout the United Kingdom, mainland Europe, and other global locations.

CACI (CACI International Inc) trades in the Technology sector, specifically Information Technology Services, with a market capitalization of approximately $15.02B, a trailing P/E of 28.05, a beta of 0.54 versus the broader market, a 52-week range of 434.7-683.5, average daily share volume of 300K, a public-listing history dating back to 1980, approximately 27K full-time employees. These structural characteristics shape how CACI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.54 indicates CACI 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 CACI?

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.

CACI snapshot

As of August 14, 2026, spot at $666.61, ATM IV 32.60%, IV rank 21.50%, expected move 9.35%. The butterfly on CACI 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 CACI specifically: CACI IV at 32.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a CACI butterfly, with a market-implied 1-standard-deviation move of approximately 9.35% (roughly $62.30 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 CACI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CACI should anchor to the underlying notional of $666.61 per share and to the trader's directional view on CACI stock.

CACI butterfly setup

The CACI 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 CACI at $666.61 on that close, the first option leg uses a $630.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CACI 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 CACI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$630.00	$50.65
Sell 2	Call	$670.00	$26.75
Buy 1	Call	$700.00	$14.35

CACI butterfly risk and reward

Net Premium / Debit: -$1,150.00
Max Profit (per contract): $2,846.48
Max Loss (per contract): -$1,150.00
Breakeven(s): $641.50, $700.36
Risk / Reward Ratio: 2.475

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.

CACI butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CACI. 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%	-$1,150.00
$147.40	-77.9%	-$1,150.00
$294.79	-55.8%	-$1,150.00
$442.18	-33.7%	-$1,150.00
$589.57	-11.6%	-$1,150.00
$736.96	+10.6%	-$150.00
$884.35	+32.7%	-$150.00
$1,031.74	+54.8%	-$150.00
$1,179.13	+76.9%	-$150.00
$1,326.52	+99.0%	-$150.00

When traders use butterfly on CACI

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

CACI thesis for this butterfly

The market-implied 1-standard-deviation range for CACI extends from approximately $604.31 on the downside to $728.91 on the upside. A CACI long call butterfly is a pinning play: it pays maximum at the middle strike if CACI settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CACI IV rank near 21.50% 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 CACI at 32.60%. As a Technology name, CACI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CACI-specific events.

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

Frequently asked questions

What is a butterfly on CACI?: A butterfly on CACI is the butterfly strategy applied to CACI (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 CACI stock at $666.61 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CACI chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CACI 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 CACI butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $2,846.48 per contract and the computed maximum loss is -$1,150.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CACI butterfly?: The breakeven for the CACI butterfly priced on this page is roughly $641.50 and $700.36 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 CACI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CACI?: Butterflies on CACI are pinning bets - traders use them when they expect CACI 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 CACI implied volatility affect this butterfly?: CACI ATM IV is at 32.60% with IV rank near 21.50%, 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.