How are EXR 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 EXR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 26.20%), the computed maximum profit is $492.46 per contract and the computed maximum loss is -$502.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EXR butterfly?

The breakeven for the EXR butterfly priced on this page is roughly $129.48 and $139.98 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 EXR market-implied 1-standard-deviation expected move is approximately 7.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EXR implied volatility affect this butterfly?

EXR ATM IV is at 26.20% with IV rank near 44.60%, 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.

EXR Butterfly Strategy

EXR (Extra Space Storage Inc.), in the Real Estate sector, (REIT - Industrial industry), listed on NYSE.

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.

EXR (Extra Space Storage Inc.) trades in the Real Estate sector, specifically REIT - Industrial, with a market capitalization of approximately $30.09B, a trailing P/E of 31.81, a beta of 1.23 versus the broader market, a 52-week range of 125.71-155.19, average daily share volume of 1.2M, a public-listing history dating back to 2004, approximately 8K full-time employees. These structural characteristics shape how EXR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.23 places EXR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. EXR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on EXR?

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 EXR snapshot

As of May 15, 2026, spot at $137.01, ATM IV 26.20%, IV rank 44.60%, expected move 7.51%. The butterfly on EXR 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 EXR specifically: EXR IV at 26.20% 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 7.51% (roughly $10.29 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 EXR expiries trade a higher absolute premium for lower per-day decay. Position sizing on EXR should anchor to the underlying notional of $137.01 per share and to the trader's directional view on EXR stock.

EXR butterfly setup

The EXR 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 EXR near $137.01, the first option leg uses a $130.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EXR 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 EXR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$130.00	$9.25
Sell 2	Call	$135.00	$5.20
Buy 1	Call	$145.00	$1.18

EXR butterfly risk and reward

Net Premium / Debit: -$2.50
Max Profit (per contract): $492.46
Max Loss (per contract): -$502.50
Breakeven(s): $129.48, $139.98
Risk / Reward Ratio: 0.980

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.

EXR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on EXR. 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%	-$2.50
$30.30	-77.9%	-$2.50
$60.60	-55.8%	-$2.50
$90.89	-33.7%	-$2.50
$121.18	-11.6%	-$2.50
$151.47	+10.6%	-$502.50
$181.77	+32.7%	-$502.50
$212.06	+54.8%	-$502.50
$242.35	+76.9%	-$502.50
$272.64	+99.0%	-$502.50

When traders use butterfly on EXR

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

EXR thesis for this butterfly

The market-implied 1-standard-deviation range for EXR extends from approximately $126.72 on the downside to $147.30 on the upside. A EXR long call butterfly is a pinning play: it pays maximum at the middle strike if EXR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current EXR IV rank near 44.60% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on EXR should anchor more to the directional view and the expected-move geometry. As a Real Estate name, EXR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EXR-specific events.

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

Frequently asked questions

What is a butterfly on EXR?: A butterfly on EXR is the butterfly strategy applied to EXR (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 EXR stock trading near $137.01, the strikes shown on this page are snapped to the nearest listed EXR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are EXR 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 EXR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 26.20%), the computed maximum profit is $492.46 per contract and the computed maximum loss is -$502.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EXR butterfly?: The breakeven for the EXR butterfly priced on this page is roughly $129.48 and $139.98 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 EXR market-implied 1-standard-deviation expected move is approximately 7.51%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on EXR?: Butterflies on EXR are pinning bets - traders use them when they expect EXR 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 EXR implied volatility affect this butterfly?: EXR ATM IV is at 26.20% with IV rank near 44.60%, 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.