How are EVR 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 EVR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 47.00%), the computed maximum profit is $1,160.02 per contract and the computed maximum loss is -$735.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EVR butterfly?

The breakeven for the EVR butterfly priced on this page is roughly $342.65 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 EVR market-implied 1-standard-deviation expected move is approximately 13.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EVR implied volatility affect this butterfly?

EVR ATM IV is at 47.00% with IV rank near 70.50%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

EVR Butterfly Strategy

EVR (Evercore Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.

Evercore Inc. functions as an autonomous investment banking advisory firm, maintaining a substantial international presence with operations spanning the United States, Europe, and Latin America. The company is structured into two core business units: Investment Banking and Investment Management. Its Investment Banking division provides extensive strategic guidance, covering mergers and acquisitions, corporate strategic planning, defense advisory, shareholder relations, special committee engagements, and complex transaction structuring. This segment also delivers capital markets expertise, encompassing equity offerings, corporate restructurings, debt solutions, private placements, market risk management and hedging, private capital advisory, and private fund services. Moreover, it supplies institutional investors with research-backed sales and trading services via a comprehensive, content-driven platform. The Investment Management division specializes in offering wealth management solutions to high-net-worth individuals, foundations, and endowments, in addition to overseeing financial assets for institutional clients.

EVR (Evercore Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $13.22B, a trailing P/E of 17.83, a beta of 1.49 versus the broader market, a 52-week range of 265.87-388.71, average daily share volume of 499K, a public-listing history dating back to 2006, approximately 2K full-time employees. These structural characteristics shape how EVR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.49 indicates EVR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. EVR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on EVR?

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 EVR snapshot

As of June 29, 2026, spot at $333.98, ATM IV 47.00%, IV rank 70.50%, expected move 13.47%. The butterfly on EVR 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 18-day expiry.

Why this butterfly structure on EVR specifically: EVR IV at 47.00% is rich versus its 1-year range, which makes a premium-buying EVR butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 13.47% (roughly $45.00 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EVR expiries trade a higher absolute premium for lower per-day decay. Position sizing on EVR should anchor to the underlying notional of $333.98 per share and to the trader's directional view on EVR stock.

EVR butterfly setup

The EVR 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 EVR near $333.98, the first option leg uses a $320.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EVR chain at a 18-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 EVR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$320.00	$22.35
Sell 2	Call	$330.00	$16.40
Buy 1	Call	$350.00	$7.80

EVR butterfly risk and reward

Net Premium / Debit: +$265.00
Max Profit (per contract): $1,160.02
Max Loss (per contract): -$735.00
Breakeven(s): $342.65
Risk / Reward Ratio: 1.578

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.

EVR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on EVR. 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%	+$265.00
$73.85	-77.9%	+$265.00
$147.70	-55.8%	+$265.00
$221.54	-33.7%	+$265.00
$295.38	-11.6%	+$265.00
$369.23	+10.6%	-$735.00
$443.07	+32.7%	-$735.00
$516.92	+54.8%	-$735.00
$590.76	+76.9%	-$735.00
$664.60	+99.0%	-$735.00

When traders use butterfly on EVR

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

EVR thesis for this butterfly

The market-implied 1-standard-deviation range for EVR extends from approximately $288.98 on the downside to $378.98 on the upside. A EVR long call butterfly is a pinning play: it pays maximum at the middle strike if EVR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current EVR IV rank near 70.50% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on EVR at 47.00%. As a Financial Services name, EVR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EVR-specific events.

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

Frequently asked questions

What is a butterfly on EVR?: A butterfly on EVR is the butterfly strategy applied to EVR (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 EVR stock trading near $333.98, the strikes shown on this page are snapped to the nearest listed EVR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are EVR 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 EVR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 47.00%), the computed maximum profit is $1,160.02 per contract and the computed maximum loss is -$735.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EVR butterfly?: The breakeven for the EVR butterfly priced on this page is roughly $342.65 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 EVR market-implied 1-standard-deviation expected move is approximately 13.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on EVR?: Butterflies on EVR are pinning bets - traders use them when they expect EVR 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 EVR implied volatility affect this butterfly?: EVR ATM IV is at 47.00% with IV rank near 70.50%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.