How are FIG 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 FIG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $113.96 per contract and the computed maximum loss is -$29.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIG butterfly?

The breakeven for the FIG butterfly priced on this page is roughly $21.79 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIG implied volatility affect this butterfly?

FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.

FIG Butterfly Strategy

FIG (Figma, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Figma, Inc. develops a browser-based tool for designing user interfaces that helps design and development teams build various products. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align on decisions, and move work forwardall in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz that publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; and Figma Make, an AI tool to design and prompt way to a functional prototype. The company was incorporated in 2012 and is headquartered in San Francisco, California.

FIG (Figma, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.23B, a beta of -0.19 versus the broader market, a 52-week range of 16.6-142.92, average daily share volume of 16.7M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how FIG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.19 indicates FIG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a butterfly on FIG?

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 FIG snapshot

As of May 15, 2026, spot at $22.81, ATM IV 85.22%, IV rank 52.37%, expected move 24.43%. The butterfly on FIG 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 FIG specifically: FIG IV at 85.22% 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 24.43% (roughly $5.57 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 FIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIG should anchor to the underlying notional of $22.81 per share and to the trader's directional view on FIG stock.

FIG butterfly setup

The FIG 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 FIG near $22.81, the first option leg uses a $21.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIG 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 FIG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$21.50	$3.07
Sell 2	Call	$23.00	$2.24
Buy 1	Call	$24.00	$1.69

FIG butterfly risk and reward

Net Premium / Debit: -$29.00
Max Profit (per contract): $113.96
Max Loss (per contract): -$29.00
Breakeven(s): $21.79
Risk / Reward Ratio: 3.930

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.

FIG butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on FIG. 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%	-$29.00
$5.05	-77.9%	-$29.00
$10.09	-55.7%	-$29.00
$15.14	-33.6%	-$29.00
$20.18	-11.5%	-$29.00
$25.22	+10.6%	+$21.00
$30.26	+32.7%	+$21.00
$35.31	+54.8%	+$21.00
$40.35	+76.9%	+$21.00
$45.39	+99.0%	+$21.00

When traders use butterfly on FIG

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

FIG thesis for this butterfly

The market-implied 1-standard-deviation range for FIG extends from approximately $17.24 on the downside to $28.38 on the upside. A FIG long call butterfly is a pinning play: it pays maximum at the middle strike if FIG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FIG IV rank near 52.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on FIG should anchor more to the directional view and the expected-move geometry. As a Technology name, FIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIG-specific events.

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

Frequently asked questions

What is a butterfly on FIG?: A butterfly on FIG is the butterfly strategy applied to FIG (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 FIG stock trading near $22.81, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FIG 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 FIG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $113.96 per contract and the computed maximum loss is -$29.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIG butterfly?: The breakeven for the FIG butterfly priced on this page is roughly $21.79 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on FIG?: Butterflies on FIG are pinning bets - traders use them when they expect FIG 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 FIG implied volatility affect this butterfly?: FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.