How are FIVN 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 FIVN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 71.20%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIVN butterfly?

The breakeven for the FIVN butterfly priced on this page is roughly $21.08 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 FIVN market-implied 1-standard-deviation expected move is approximately 20.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIVN implied volatility affect this butterfly?

FIVN ATM IV is at 71.20% with IV rank near 46.42%, 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.

FIVN Butterfly Strategy

FIVN (Five9, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

Five9, Inc., together with its subsidiaries, provides cloud software for contact centers in the United States and internationally. The company offers virtual contact center cloud platform that delivers a suite of applications, which enables the breadth of contact center-related customer service, sales, and marketing functions. Its solution enables its clients to manage these customer interactions across various channels, including voice, video, chat, email, website, social media, click-to-call, callback, and mobile channels, as well as through APIs; and provides natural language processing and automatic speech recognition solutions. The company serves customers in various industries comprising banking and financial services, business process outsourcers, consumer, healthcare, technology, and education. Five9, Inc. was incorporated in 2001 and is headquartered in San Ramon, California.

FIVN (Five9, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $1.62B, a trailing P/E of 28.34, a beta of 1.33 versus the broader market, a 52-week range of 13.29-30.38, average daily share volume of 2.9M, a public-listing history dating back to 2014, approximately 3K full-time employees. These structural characteristics shape how FIVN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.33 indicates FIVN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a butterfly on FIVN?

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 FIVN snapshot

As of May 15, 2026, spot at $21.65, ATM IV 71.20%, IV rank 46.42%, expected move 20.41%. The butterfly on FIVN 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 63-day expiry.

Why this butterfly structure on FIVN specifically: FIVN IV at 71.20% 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 20.41% (roughly $4.42 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIVN expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIVN should anchor to the underlying notional of $21.65 per share and to the trader's directional view on FIVN stock.

FIVN butterfly setup

The FIVN 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 FIVN near $21.65, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIVN chain at a 63-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 FIVN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$20.00	$3.50
Sell 2	Call	$22.50	$2.43
Buy 1	Call	$22.50	$2.43

FIVN butterfly risk and reward

Net Premium / Debit: -$107.50
Max Profit (per contract): $142.50
Max Loss (per contract): -$107.50
Breakeven(s): $21.08
Risk / Reward Ratio: 1.326

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.

FIVN butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on FIVN. 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%	-$107.50
$4.80	-77.8%	-$107.50
$9.58	-55.7%	-$107.50
$14.37	-33.6%	-$107.50
$19.15	-11.5%	-$107.50
$23.94	+10.6%	+$142.50
$28.72	+32.7%	+$142.50
$33.51	+54.8%	+$142.50
$38.30	+76.9%	+$142.50
$43.08	+99.0%	+$142.50

When traders use butterfly on FIVN

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

FIVN thesis for this butterfly

The market-implied 1-standard-deviation range for FIVN extends from approximately $17.23 on the downside to $26.07 on the upside. A FIVN long call butterfly is a pinning play: it pays maximum at the middle strike if FIVN settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FIVN IV rank near 46.42% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on FIVN should anchor more to the directional view and the expected-move geometry. As a Technology name, FIVN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIVN-specific events.

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

Frequently asked questions

What is a butterfly on FIVN?: A butterfly on FIVN is the butterfly strategy applied to FIVN (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 FIVN stock trading near $21.65, the strikes shown on this page are snapped to the nearest listed FIVN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FIVN 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 FIVN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 71.20%), the computed maximum profit is $142.50 per contract and the computed maximum loss is -$107.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIVN butterfly?: The breakeven for the FIVN butterfly priced on this page is roughly $21.08 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 FIVN market-implied 1-standard-deviation expected move is approximately 20.41%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on FIVN?: Butterflies on FIVN are pinning bets - traders use them when they expect FIVN 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 FIVN implied volatility affect this butterfly?: FIVN ATM IV is at 71.20% with IV rank near 46.42%, 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.