How are DBRG 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 DBRG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 111.49%), the computed maximum profit is $51.00 per contract and the computed maximum loss is -$49.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DBRG butterfly?

The breakeven for the DBRG butterfly priced on this page is roughly $15.49 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 DBRG market-implied 1-standard-deviation expected move is approximately 14.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DBRG implied volatility affect this butterfly?

DBRG ATM IV is at 111.49% with IV rank near 65.14%, 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.

DBRG Butterfly Strategy

DBRG (DigitalBridge Group, Inc.), in the Real Estate sector, (REIT - Diversified industry), listed on NYSE.

DigitalBridge (NYSE: DBRG) is an infrastructure investment firm. It specializes in investing and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells, edge infrastructure, digital infrastructure and real estate. DigitalBridge Group, Inc. was founded in 2009 and is headquartered in Boca Raton, Florida with additional offices in Los Angeles, California; New York, New York; Boston, Massachusetts; Denver, Colorado; London, United Kingdom; Senningerberg, Luxembourg and Singapore.

DBRG (DigitalBridge Group, Inc.) trades in the Real Estate sector, specifically REIT - Diversified, with a market capitalization of approximately $2.85B, a trailing P/E of 18.96, a beta of 1.50 versus the broader market, a 52-week range of 8.94-15.66, average daily share volume of 3.2M, a public-listing history dating back to 2014, approximately 324 full-time employees. These structural characteristics shape how DBRG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.50 indicates DBRG has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. DBRG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on DBRG?

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 DBRG snapshot

As of May 15, 2026, spot at $15.66, ATM IV 111.49%, IV rank 65.14%, expected move 14.94%. The butterfly on DBRG 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 28-day expiry.

Why this butterfly structure on DBRG specifically: DBRG IV at 111.49% 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 14.94% (roughly $2.34 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DBRG expiries trade a higher absolute premium for lower per-day decay. Position sizing on DBRG should anchor to the underlying notional of $15.66 per share and to the trader's directional view on DBRG stock.

DBRG butterfly setup

The DBRG 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 DBRG near $15.66, the first option leg uses a $15.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DBRG chain at a 28-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 DBRG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$15.00	$1.50
Sell 2	Call	$16.00	$1.01
Buy 1	Call	$16.00	$1.01

DBRG butterfly risk and reward

Net Premium / Debit: -$49.00
Max Profit (per contract): $51.00
Max Loss (per contract): -$49.00
Breakeven(s): $15.49
Risk / Reward Ratio: 1.041

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.

DBRG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on DBRG. 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	-99.9%	-$49.00
$3.47	-77.8%	-$49.00
$6.93	-55.7%	-$49.00
$10.39	-33.6%	-$49.00
$13.86	-11.5%	-$49.00
$17.32	+10.6%	+$51.00
$20.78	+32.7%	+$51.00
$24.24	+54.8%	+$51.00
$27.70	+76.9%	+$51.00
$31.16	+99.0%	+$51.00

When traders use butterfly on DBRG

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

DBRG thesis for this butterfly

The market-implied 1-standard-deviation range for DBRG extends from approximately $13.32 on the downside to $18.00 on the upside. A DBRG long call butterfly is a pinning play: it pays maximum at the middle strike if DBRG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current DBRG IV rank near 65.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on DBRG should anchor more to the directional view and the expected-move geometry. As a Real Estate name, DBRG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DBRG-specific events.

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

Frequently asked questions

What is a butterfly on DBRG?: A butterfly on DBRG is the butterfly strategy applied to DBRG (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 DBRG stock trading near $15.66, the strikes shown on this page are snapped to the nearest listed DBRG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are DBRG 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 DBRG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 111.49%), the computed maximum profit is $51.00 per contract and the computed maximum loss is -$49.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DBRG butterfly?: The breakeven for the DBRG butterfly priced on this page is roughly $15.49 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 DBRG market-implied 1-standard-deviation expected move is approximately 14.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on DBRG?: Butterflies on DBRG are pinning bets - traders use them when they expect DBRG 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 DBRG implied volatility affect this butterfly?: DBRG ATM IV is at 111.49% with IV rank near 65.14%, 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.