How are FLUT 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 FLUT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.10%), the computed maximum profit is $255.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FLUT butterfly?

The breakeven for the FLUT butterfly priced on this page is roughly $92.45 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 FLUT market-implied 1-standard-deviation expected move is approximately 14.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FLUT implied volatility affect this butterfly?

FLUT ATM IV is at 52.10% with IV rank near 38.25%, 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.

FLUT Butterfly Strategy

FLUT (Flutter Entertainment plc), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NYSE.

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sportsbooks and exchange sports betting products, daily fantasy sports products, and pari-mutuel betting products; fixed odds games betting products; online games and casinos; lottery; peer-to-peer games, including online bingo, rummy, and poker; and business-to-business services. In addition, the company operates HRTV, a horseracing television network. Further, it provides sports betting and gaming services through paddypower.com, betfair.com, sportsbet.com.au, tvg.com, us.betfair.com, fanduel.com, adjarabet.com, pokerstars.com, Skybet.com, tombola.com, and sisal.com websites under the FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, FOX Bet, TVG, Stardust, Junglee Games, and Adjarabet brands, as well as live poker tours and events. The company was formerly known as Paddy Power Betfair plc and changed its name to Flutter Entertainment plc in 2019.

FLUT (Flutter Entertainment plc) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $16.53B, a beta of 1.15 versus the broader market, a 52-week range of 92.22-313.685, average daily share volume of 3.7M, a public-listing history dating back to 2002, approximately 27K full-time employees. These structural characteristics shape how FLUT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.15 places FLUT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on FLUT?

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 FLUT snapshot

As of May 15, 2026, spot at $92.55, ATM IV 52.10%, IV rank 38.25%, expected move 14.94%. The butterfly on FLUT 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 FLUT specifically: FLUT IV at 52.10% 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 14.94% (roughly $13.82 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 FLUT expiries trade a higher absolute premium for lower per-day decay. Position sizing on FLUT should anchor to the underlying notional of $92.55 per share and to the trader's directional view on FLUT stock.

FLUT butterfly setup

The FLUT 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 FLUT near $92.55, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FLUT 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 FLUT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$90.00	$7.50
Sell 2	Call	$95.00	$5.05
Buy 1	Call	$95.00	$5.05

FLUT butterfly risk and reward

Net Premium / Debit: -$245.00
Max Profit (per contract): $255.00
Max Loss (per contract): -$245.00
Breakeven(s): $92.45
Risk / Reward Ratio: 1.041

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.

FLUT butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on FLUT. 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%	-$245.00
$20.47	-77.9%	-$245.00
$40.93	-55.8%	-$245.00
$61.40	-33.7%	-$245.00
$81.86	-11.6%	-$245.00
$102.32	+10.6%	+$255.00
$122.78	+32.7%	+$255.00
$143.25	+54.8%	+$255.00
$163.71	+76.9%	+$255.00
$184.17	+99.0%	+$255.00

When traders use butterfly on FLUT

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

FLUT thesis for this butterfly

The market-implied 1-standard-deviation range for FLUT extends from approximately $78.73 on the downside to $106.37 on the upside. A FLUT long call butterfly is a pinning play: it pays maximum at the middle strike if FLUT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FLUT IV rank near 38.25% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on FLUT should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, FLUT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FLUT-specific events.

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

Frequently asked questions

What is a butterfly on FLUT?: A butterfly on FLUT is the butterfly strategy applied to FLUT (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 FLUT stock trading near $92.55, the strikes shown on this page are snapped to the nearest listed FLUT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FLUT 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 FLUT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.10%), the computed maximum profit is $255.00 per contract and the computed maximum loss is -$245.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FLUT butterfly?: The breakeven for the FLUT butterfly priced on this page is roughly $92.45 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 FLUT market-implied 1-standard-deviation expected move is approximately 14.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on FLUT?: Butterflies on FLUT are pinning bets - traders use them when they expect FLUT 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 FLUT implied volatility affect this butterfly?: FLUT ATM IV is at 52.10% with IV rank near 38.25%, 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.