How are CASY 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 CASY butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.80%), the computed maximum profit is $3,004.78 per contract and the computed maximum loss is -$685.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CASY butterfly?

The breakeven for the CASY butterfly priced on this page is roughly $816.85 and $883.15 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 CASY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CASY implied volatility affect this butterfly?

CASY ATM IV is at 38.80% with IV rank near 34.71%, 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.

CASY Butterfly Strategy

CASY (Casey's General Stores, Inc.), in the Consumer Cyclical sector, (Specialty Retail industry), listed on NASDAQ.

Casey's General Stores, Inc. engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items. The company was founded by Donald F. Lamberti in 1968 and is headquartered in Ankeny, IA.

CASY (Casey's General Stores, Inc.) trades in the Consumer Cyclical sector, specifically Specialty Retail, with a market capitalization of approximately $31.05B, a trailing P/E of 43.53, a beta of 0.62 versus the broader market, a 52-week range of 490-927.85, average daily share volume of 577K, a public-listing history dating back to 1983, approximately 50K full-time employees. These structural characteristics shape how CASY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.62 indicates CASY has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 43.53 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CASY pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on CASY?

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.

CASY snapshot

As of August 14, 2026, spot at $851.17, ATM IV 38.80%, IV rank 34.71%, expected move 11.12%. The butterfly on CASY 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 CASY specifically: CASY IV at 38.80% 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 11.12% (roughly $94.68 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 CASY expiries trade a higher absolute premium for lower per-day decay. Position sizing on CASY should anchor to the underlying notional of $851.17 per share and to the trader's directional view on CASY stock.

CASY butterfly setup

The CASY 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 CASY at $851.17 on that close, the first option leg uses a $810.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CASY 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 CASY shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$810.00	$65.10
Sell 2	Call	$850.00	$42.10
Buy 1	Call	$890.00	$25.95

CASY butterfly risk and reward

Net Premium / Debit: -$685.00
Max Profit (per contract): $3,004.78
Max Loss (per contract): -$685.00
Breakeven(s): $816.85, $883.15
Risk / Reward Ratio: 4.387

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.

CASY butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CASY. 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%	-$685.00
$188.21	-77.9%	-$685.00
$376.40	-55.8%	-$685.00
$564.60	-33.7%	-$685.00
$752.80	-11.6%	-$685.00
$941.00	+10.6%	-$685.00
$1,129.19	+32.7%	-$685.00
$1,317.39	+54.8%	-$685.00
$1,505.59	+76.9%	-$685.00
$1,693.79	+99.0%	-$685.00

When traders use butterfly on CASY

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

CASY thesis for this butterfly

The market-implied 1-standard-deviation range for CASY extends from approximately $756.49 on the downside to $945.85 on the upside. A CASY long call butterfly is a pinning play: it pays maximum at the middle strike if CASY settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CASY IV rank near 34.71% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CASY should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, CASY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CASY-specific events.

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

Frequently asked questions

What is a butterfly on CASY?: A butterfly on CASY is the butterfly strategy applied to CASY (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 CASY stock at $851.17 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CASY chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CASY 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 CASY butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 38.80%), the computed maximum profit is $3,004.78 per contract and the computed maximum loss is -$685.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CASY butterfly?: The breakeven for the CASY butterfly priced on this page is roughly $816.85 and $883.15 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 CASY market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CASY?: Butterflies on CASY are pinning bets - traders use them when they expect CASY 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 CASY implied volatility affect this butterfly?: CASY ATM IV is at 38.80% with IV rank near 34.71%, 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.