How are DINO 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 DINO butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 42.00%), the computed maximum profit is $190.41 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DINO butterfly?

The breakeven for the DINO butterfly priced on this page is roughly $67.86 and $72.10 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 DINO market-implied 1-standard-deviation expected move is approximately 12.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DINO implied volatility affect this butterfly?

DINO ATM IV is at 42.00% with IV rank near 46.21%, 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.

DINO Butterfly Strategy

DINO (HF Sinclair Corporation), in the Energy sector, (Oil & Gas Refining & Marketing industry), listed on NYSE.

HF Sinclair Corporation operates as an independent energy company. It produces and markets gasoline, diesel fuel, jet fuel, renewable diesel, specialty lubricant products, specialty chemicals, specialty and modified asphalt, and others. The company also owns and operates refineries located in Kansas, Oklahoma, New Mexico, Utah, Washington, and Wyoming; and markets its refined products principally in the Southwest United States and Rocky Mountains, Pacific Northwest, and in other neighboring Plains states. In addition, it supplies fuels to approximately 1,300 independent Sinclair-branded stations and licenses the use of the Sinclair brand at approximately 300 additional locations, as well as engages in the growing renewables business. Further, the company produces base oils and other specialized lubricants; and provides petroleum product and crude oil transportation, terminalling, storage, and throughput services to the petroleum industry. HF Sinclair Corporation was incorporated in 2021 and is headquartered in Dallas, Texas.

DINO (HF Sinclair Corporation) trades in the Energy sector, specifically Oil & Gas Refining & Marketing, with a market capitalization of approximately $12.51B, a trailing P/E of 10.18, a beta of 0.71 versus the broader market, a 52-week range of 34.42-74.73, average daily share volume of 3.0M, a public-listing history dating back to 1980, approximately 5K full-time employees. These structural characteristics shape how DINO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.71 places DINO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 10.18 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. DINO pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on DINO?

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 DINO snapshot

As of May 15, 2026, spot at $69.84, ATM IV 42.00%, IV rank 46.21%, expected move 12.04%. The butterfly on DINO 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 DINO specifically: DINO IV at 42.00% 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 12.04% (roughly $8.41 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 DINO expiries trade a higher absolute premium for lower per-day decay. Position sizing on DINO should anchor to the underlying notional of $69.84 per share and to the trader's directional view on DINO stock.

DINO butterfly setup

The DINO 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 DINO near $69.84, the first option leg uses a $67.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DINO 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 DINO shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$67.50	$5.00
Sell 2	Call	$70.00	$3.60
Buy 1	Call	$72.50	$2.60

DINO butterfly risk and reward

Net Premium / Debit: -$40.00
Max Profit (per contract): $190.41
Max Loss (per contract): -$40.00
Breakeven(s): $67.86, $72.10
Risk / Reward Ratio: 4.760

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.

DINO butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on DINO. 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%	-$40.00
$15.45	-77.9%	-$40.00
$30.89	-55.8%	-$40.00
$46.33	-33.7%	-$40.00
$61.77	-11.5%	-$40.00
$77.21	+10.6%	-$40.00
$92.66	+32.7%	-$40.00
$108.10	+54.8%	-$40.00
$123.54	+76.9%	-$40.00
$138.98	+99.0%	-$40.00

When traders use butterfly on DINO

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

DINO thesis for this butterfly

The market-implied 1-standard-deviation range for DINO extends from approximately $61.43 on the downside to $78.25 on the upside. A DINO long call butterfly is a pinning play: it pays maximum at the middle strike if DINO settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current DINO IV rank near 46.21% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on DINO should anchor more to the directional view and the expected-move geometry. As a Energy name, DINO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DINO-specific events.

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

Frequently asked questions

What is a butterfly on DINO?: A butterfly on DINO is the butterfly strategy applied to DINO (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 DINO stock trading near $69.84, the strikes shown on this page are snapped to the nearest listed DINO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are DINO 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 DINO butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 42.00%), the computed maximum profit is $190.41 per contract and the computed maximum loss is -$40.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DINO butterfly?: The breakeven for the DINO butterfly priced on this page is roughly $67.86 and $72.10 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 DINO market-implied 1-standard-deviation expected move is approximately 12.04%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on DINO?: Butterflies on DINO are pinning bets - traders use them when they expect DINO 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 DINO implied volatility affect this butterfly?: DINO ATM IV is at 42.00% with IV rank near 46.21%, 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.