How are CCJ 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 CCJ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 56.88%), the computed maximum profit is $445.90 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CCJ butterfly?

The breakeven for the CCJ butterfly priced on this page is roughly $99.33 and $108.88 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 CCJ market-implied 1-standard-deviation expected move is approximately 16.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CCJ implied volatility affect this butterfly?

CCJ ATM IV is at 56.88% with IV rank near 63.33%, 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.

CCJ Butterfly Strategy

CCJ (Cameco Corporation), in the Energy sector, (Uranium industry), listed on NYSE.

Cameco Corporation is a prominent global enterprise specializing in the production and distribution of uranium. Its operations are structured into two core divisions: Uranium and Fuel Services. The Uranium division manages the full upstream process, encompassing the exploration, extraction, and initial processing (milling) of uranium ore, as well as the procurement and sale of uranium concentrate. Conversely, the Fuel Services division focuses on the downstream transformation of uranium. This includes the refining, conversion, and fabrication of uranium concentrate into usable forms, alongside providing related conversion services. Furthermore, this segment is responsible for manufacturing specialized fuel bundles and reactor components specifically designed for CANDU reactors.

CCJ (Cameco Corporation) trades in the Energy sector, specifically Uranium, with a market capitalization of approximately $45.51B, a trailing P/E of 99.06, a beta of 0.98 versus the broader market, a 52-week range of 68.96-135.24, average daily share volume of 3.1M, a public-listing history dating back to 1996, approximately 730 full-time employees. These structural characteristics shape how CCJ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places CCJ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 99.06 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. CCJ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on CCJ?

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 CCJ snapshot

As of June 29, 2026, spot at $103.69, ATM IV 56.88%, IV rank 63.33%, expected move 16.31%. The butterfly on CCJ 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 CCJ specifically: CCJ IV at 56.88% 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 16.31% (roughly $16.91 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 CCJ expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCJ should anchor to the underlying notional of $103.69 per share and to the trader's directional view on CCJ stock.

CCJ butterfly setup

The CCJ 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 CCJ near $103.69, the first option leg uses a $99.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCJ 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 CCJ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$99.00	$7.90
Sell 2	Call	$104.00	$5.80
Buy 1	Call	$109.00	$4.03

CCJ butterfly risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): $445.90
Max Loss (per contract): -$32.50
Breakeven(s): $99.33, $108.88
Risk / Reward Ratio: 13.720

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.

CCJ butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CCJ. 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%	-$32.50
$22.94	-77.9%	-$32.50
$45.86	-55.8%	-$32.50
$68.79	-33.7%	-$32.50
$91.71	-11.6%	-$32.50
$114.64	+10.6%	-$32.50
$137.56	+32.7%	-$32.50
$160.49	+54.8%	-$32.50
$183.41	+76.9%	-$32.50
$206.34	+99.0%	-$32.50

When traders use butterfly on CCJ

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

CCJ thesis for this butterfly

The market-implied 1-standard-deviation range for CCJ extends from approximately $86.78 on the downside to $120.60 on the upside. A CCJ long call butterfly is a pinning play: it pays maximum at the middle strike if CCJ settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CCJ IV rank near 63.33% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CCJ should anchor more to the directional view and the expected-move geometry. As a Energy name, CCJ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCJ-specific events.

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

Frequently asked questions

What is a butterfly on CCJ?: A butterfly on CCJ is the butterfly strategy applied to CCJ (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 CCJ stock trading near $103.69, the strikes shown on this page are snapped to the nearest listed CCJ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CCJ 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 CCJ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 56.88%), the computed maximum profit is $445.90 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CCJ butterfly?: The breakeven for the CCJ butterfly priced on this page is roughly $99.33 and $108.88 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 CCJ market-implied 1-standard-deviation expected move is approximately 16.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CCJ?: Butterflies on CCJ are pinning bets - traders use them when they expect CCJ 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 CCJ implied volatility affect this butterfly?: CCJ ATM IV is at 56.88% with IV rank near 63.33%, 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.