How are CCI 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 CCI butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 30.30%), the computed maximum profit is $338.68 per contract and the computed maximum loss is -$147.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CCI butterfly?

The breakeven for the CCI butterfly priced on this page is roughly $83.98 and $91.03 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 CCI market-implied 1-standard-deviation expected move is approximately 8.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CCI implied volatility affect this butterfly?

CCI ATM IV is at 30.30% with IV rank near 67.25%, 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.

CCI Butterfly Strategy

CCI (Crown Castle Inc.), in the Real Estate sector, (REIT - Specialty industry), listed on NYSE.

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service - bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.

CCI (Crown Castle Inc.) trades in the Real Estate sector, specifically REIT - Specialty, with a market capitalization of approximately $39.11B, a trailing P/E of 36.90, a beta of 0.95 versus the broader market, a 52-week range of 75.96-115.76, average daily share volume of 3.1M, a public-listing history dating back to 1998, approximately 2K full-time employees. These structural characteristics shape how CCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.95 places CCI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 36.90 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. CCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on CCI?

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 CCI snapshot

As of May 15, 2026, spot at $86.92, ATM IV 30.30%, IV rank 67.25%, expected move 8.69%. The butterfly on CCI 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 CCI specifically: CCI IV at 30.30% 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 8.69% (roughly $7.55 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 CCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCI should anchor to the underlying notional of $86.92 per share and to the trader's directional view on CCI stock.

CCI butterfly setup

The CCI 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 CCI near $86.92, the first option leg uses a $82.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCI 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 CCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$82.50	$6.20
Sell 2	Call	$87.50	$2.80
Buy 1	Call	$92.50	$0.88

CCI butterfly risk and reward

Net Premium / Debit: -$147.50
Max Profit (per contract): $338.68
Max Loss (per contract): -$147.50
Breakeven(s): $83.98, $91.03
Risk / Reward Ratio: 2.296

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.

CCI butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CCI. 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%	-$147.50
$19.23	-77.9%	-$147.50
$38.44	-55.8%	-$147.50
$57.66	-33.7%	-$147.50
$76.88	-11.6%	-$147.50
$96.10	+10.6%	-$147.50
$115.31	+32.7%	-$147.50
$134.53	+54.8%	-$147.50
$153.75	+76.9%	-$147.50
$172.97	+99.0%	-$147.50

When traders use butterfly on CCI

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

CCI thesis for this butterfly

The market-implied 1-standard-deviation range for CCI extends from approximately $79.37 on the downside to $94.47 on the upside. A CCI long call butterfly is a pinning play: it pays maximum at the middle strike if CCI settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CCI IV rank near 67.25% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CCI should anchor more to the directional view and the expected-move geometry. As a Real Estate name, CCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCI-specific events.

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

Frequently asked questions

What is a butterfly on CCI?: A butterfly on CCI is the butterfly strategy applied to CCI (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 CCI stock trading near $86.92, the strikes shown on this page are snapped to the nearest listed CCI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CCI 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 CCI butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 30.30%), the computed maximum profit is $338.68 per contract and the computed maximum loss is -$147.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CCI butterfly?: The breakeven for the CCI butterfly priced on this page is roughly $83.98 and $91.03 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 CCI market-implied 1-standard-deviation expected move is approximately 8.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CCI?: Butterflies on CCI are pinning bets - traders use them when they expect CCI 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 CCI implied volatility affect this butterfly?: CCI ATM IV is at 30.30% with IV rank near 67.25%, 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.