How are CART 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 CART butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 44.32%), the computed maximum profit is $204.28 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CART butterfly?

The breakeven for the CART butterfly priced on this page is roughly $49.08 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 CART market-implied 1-standard-deviation expected move is approximately 12.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CART implied volatility affect this butterfly?

CART ATM IV is at 44.32% with IV rank near 38.00%, 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.

CART Butterfly Strategy

CART (Maplebear Inc.), in the Technology sector, (Software - Services industry), listed on NASDAQ.

Maplebear Inc., doing business as Instacart, operates as a technology and enablement partner for the grocery industry in the United States and internationally. The company offers Instacart Marketplace which helps retailers serve customers’ needs by supporting fulfillment options, shopping occasions, and categories; Instacart Enterprise platform, an end-to-end technology solution for retailers across all aspects of business; and Instacart Ads, enables brands to learn more about general consumer behavior from discovery to purchase, offering insights about how to optimize advertising spend. It also provides advertising solutions, including sponsored product ads, display ads, coupons, and brand pages; and software-as-a-service. The company’s services can be provided through company’s mobile application or website. Maplebear Inc., was incorporated in 2012 and is headquartered in San Francisco, California.

CART (Maplebear Inc.) trades in the Technology sector, specifically Software - Services, with a market capitalization of approximately $11.15B, a trailing P/E of 23.41, a beta of 0.88 versus the broader market, a 52-week range of 32.73-53.5, average daily share volume of 4.1M, a public-listing history dating back to 2023, approximately 4K full-time employees. These structural characteristics shape how CART stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.88 places CART roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on CART?

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 CART snapshot

As of June 30, 2026, spot at $47.20, ATM IV 44.32%, IV rank 38.00%, expected move 12.71%. The butterfly on CART 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 31-day expiry.

Why this butterfly structure on CART specifically: CART IV at 44.32% 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 12.71% (roughly $6.00 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CART expiries trade a higher absolute premium for lower per-day decay. Position sizing on CART should anchor to the underlying notional of $47.20 per share and to the trader's directional view on CART stock.

CART butterfly setup

The CART 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 CART near $47.20, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CART chain at a 31-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 CART shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$45.00	$3.70
Sell 2	Call	$47.00	$2.58
Buy 1	Call	$50.00	$1.38

CART butterfly risk and reward

Net Premium / Debit: +$7.50
Max Profit (per contract): $204.28
Max Loss (per contract): -$92.50
Breakeven(s): $49.08
Risk / Reward Ratio: 2.208

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.

CART butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CART. 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%	+$7.50
$10.45	-77.9%	+$7.50
$20.88	-55.8%	+$7.50
$31.32	-33.7%	+$7.50
$41.75	-11.5%	+$7.50
$52.19	+10.6%	-$92.50
$62.62	+32.7%	-$92.50
$73.06	+54.8%	-$92.50
$83.49	+76.9%	-$92.50
$93.93	+99.0%	-$92.50

When traders use butterfly on CART

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

CART thesis for this butterfly

The market-implied 1-standard-deviation range for CART extends from approximately $41.20 on the downside to $53.20 on the upside. A CART long call butterfly is a pinning play: it pays maximum at the middle strike if CART settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CART IV rank near 38.00% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CART should anchor more to the directional view and the expected-move geometry. As a Technology name, CART options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CART-specific events.

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

Frequently asked questions

What is a butterfly on CART?: A butterfly on CART is the butterfly strategy applied to CART (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 CART stock trading near $47.20, the strikes shown on this page are snapped to the nearest listed CART chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CART 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 CART butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 44.32%), the computed maximum profit is $204.28 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CART butterfly?: The breakeven for the CART butterfly priced on this page is roughly $49.08 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 CART market-implied 1-standard-deviation expected move is approximately 12.71%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CART?: Butterflies on CART are pinning bets - traders use them when they expect CART 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 CART implied volatility affect this butterfly?: CART ATM IV is at 44.32% with IV rank near 38.00%, 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.