How are HUBS 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 HUBS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 67.10%), the computed maximum profit is $866.47 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HUBS butterfly?

The breakeven for the HUBS butterfly priced on this page is roughly $190.48 and $209.68 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 HUBS market-implied 1-standard-deviation expected move is approximately 19.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HUBS implied volatility affect this butterfly?

HUBS ATM IV is at 67.10% with IV rank near 33.14%, 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.

HUBS Butterfly Strategy

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

HubSpot, Inc. provides a cloud-based customer relationship management (CRM) platform for businesses in the Americas, Europe, and the Asia Pacific. The company's CRM platform includes marketing, sales, service, and content management systems, as well as integrated applications, such as search engine optimization, blogging, website content management, messaging, chatbots, social media, marketing automation, email, predictive lead scoring, sales productivity, knowledge base, commerce, conversation routing, video hosting, ticketing and helpdesk tools, customer NPS surveys, analytics, and reporting. It also offers professional services to educate and train customers on how to leverage its CRM platform, as well as phone and/or email and chat-based support services. The company serves mid-market business-to-business companies. HubSpot, Inc. was incorporated in 2005 and is headquartered in Cambridge, Massachusetts.

HUBS (HubSpot, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.17B, a trailing P/E of 93.72, a beta of 1.23 versus the broader market, a 52-week range of 173.25-669.46, average daily share volume of 1.7M, a public-listing history dating back to 2014, approximately 9K full-time employees. These structural characteristics shape how HUBS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.23 places HUBS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 93.72 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a butterfly on HUBS?

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 HUBS snapshot

As of May 15, 2026, spot at $197.70, ATM IV 67.10%, IV rank 33.14%, expected move 19.24%. The butterfly on HUBS 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 HUBS specifically: HUBS IV at 67.10% 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 19.24% (roughly $38.03 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 HUBS expiries trade a higher absolute premium for lower per-day decay. Position sizing on HUBS should anchor to the underlying notional of $197.70 per share and to the trader's directional view on HUBS stock.

HUBS butterfly setup

The HUBS 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 HUBS near $197.70, the first option leg uses a $190.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HUBS 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 HUBS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$190.00	$20.45
Sell 2	Call	$200.00	$15.65
Buy 1	Call	$210.00	$11.50

HUBS butterfly risk and reward

Net Premium / Debit: -$65.00
Max Profit (per contract): $866.47
Max Loss (per contract): -$65.00
Breakeven(s): $190.48, $209.68
Risk / Reward Ratio: 13.330

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.

HUBS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on HUBS. 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%	-$65.00
$43.72	-77.9%	-$65.00
$87.43	-55.8%	-$65.00
$131.14	-33.7%	-$65.00
$174.86	-11.6%	-$65.00
$218.57	+10.6%	-$65.00
$262.28	+32.7%	-$65.00
$305.99	+54.8%	-$65.00
$349.70	+76.9%	-$65.00
$393.41	+99.0%	-$65.00

When traders use butterfly on HUBS

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

HUBS thesis for this butterfly

The market-implied 1-standard-deviation range for HUBS extends from approximately $159.67 on the downside to $235.73 on the upside. A HUBS long call butterfly is a pinning play: it pays maximum at the middle strike if HUBS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current HUBS IV rank near 33.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on HUBS should anchor more to the directional view and the expected-move geometry. As a Technology name, HUBS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HUBS-specific events.

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

Frequently asked questions

What is a butterfly on HUBS?: A butterfly on HUBS is the butterfly strategy applied to HUBS (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 HUBS stock trading near $197.70, the strikes shown on this page are snapped to the nearest listed HUBS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HUBS 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 HUBS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 67.10%), the computed maximum profit is $866.47 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HUBS butterfly?: The breakeven for the HUBS butterfly priced on this page is roughly $190.48 and $209.68 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 HUBS market-implied 1-standard-deviation expected move is approximately 19.24%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on HUBS?: Butterflies on HUBS are pinning bets - traders use them when they expect HUBS 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 HUBS implied volatility affect this butterfly?: HUBS ATM IV is at 67.10% with IV rank near 33.14%, 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.