How are EE 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 EE butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.20%), the computed maximum profit is $80.18 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EE butterfly?

The breakeven for the EE butterfly priced on this page is roughly $34.83 and $36.98 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 EE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EE implied volatility affect this butterfly?

EE ATM IV is at 33.20% with IV rank near 0.62%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

EE Butterfly Strategy

EE (Excelerate Energy, Inc.), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.

Excelerate Energy, Inc. is a worldwide supplier of versatile liquefied natural gas (LNG) solutions. The company's services are extensive, encompassing floating regasification, notably through its Floating Storage and Regasification Units (FSRUs), along with the development of crucial energy infrastructure. It also handles the procurement, supply, and distribution of both LNG and natural gas. Furthermore, Excelerate Energy offers LNG terminal operations, provides natural gas for power generation projects, and delivers a range of smaller-scale gas distribution systems. A key operational asset is an LNG terminal in Bahia, Brazil, which the company operates under a lease agreement. Founded in 2003, Excelerate Energy, Inc. is headquartered in The Woodlands, Texas, and functions as a subsidiary of Excelerate Energy Holdings, LLC, with Excelerate Energy, LLC serving as its general partner.

EE (Excelerate Energy, Inc.) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $4.13B, a trailing P/E of 23.89, a beta of 1.22 versus the broader market, a 52-week range of 22.86-43.175, average daily share volume of 366K, a public-listing history dating back to 2022, approximately 1K full-time employees. These structural characteristics shape how EE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.22 places EE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on EE?

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.

EE snapshot

As of August 14, 2026, spot at $36.37, ATM IV 33.20%, IV rank 0.62%, expected move 9.52%. The butterfly on EE 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 EE specifically: EE IV at 33.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a EE butterfly, with a market-implied 1-standard-deviation move of approximately 9.52% (roughly $3.46 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 EE expiries trade a higher absolute premium for lower per-day decay. Position sizing on EE should anchor to the underlying notional of $36.37 per share and to the trader's directional view on EE stock.

EE butterfly setup

The EE 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 EE at $36.37 on that close, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EE 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 EE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$35.00	$2.28
Sell 2	Call	$36.00	$1.58
Buy 1	Call	$38.00	$0.90

EE butterfly risk and reward

Net Premium / Debit: -$2.50
Max Profit (per contract): $80.18
Max Loss (per contract): -$102.50
Breakeven(s): $34.83, $36.98
Risk / Reward Ratio: 0.782

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.

EE butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on EE. 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%	-$2.50
$8.05	-77.9%	-$2.50
$16.09	-55.8%	-$2.50
$24.13	-33.6%	-$2.50
$32.17	-11.5%	-$2.50
$40.21	+10.6%	-$102.50
$48.25	+32.7%	-$102.50
$56.29	+54.8%	-$102.50
$64.33	+76.9%	-$102.50
$72.37	+99.0%	-$102.50

When traders use butterfly on EE

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

EE thesis for this butterfly

The market-implied 1-standard-deviation range for EE extends from approximately $32.91 on the downside to $39.83 on the upside. A EE long call butterfly is a pinning play: it pays maximum at the middle strike if EE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current EE IV rank near 0.62% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on EE at 33.20%. As a Energy name, EE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EE-specific events.

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

Frequently asked questions

What is a butterfly on EE?: A butterfly on EE is the butterfly strategy applied to EE (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 EE stock at $36.37 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed EE chain strike and the premiums come straight from that session's bid/ask midpoint.
How are EE 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 EE butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 33.20%), the computed maximum profit is $80.18 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EE butterfly?: The breakeven for the EE butterfly priced on this page is roughly $34.83 and $36.98 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 EE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on EE?: Butterflies on EE are pinning bets - traders use them when they expect EE 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 EE implied volatility affect this butterfly?: EE ATM IV is at 33.20% with IV rank near 0.62%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.