How are HURN 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 HURN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 59.10%), the computed maximum profit is $367.94 per contract and the computed maximum loss is -$120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HURN butterfly?

The breakeven for the HURN butterfly priced on this page is roughly $86.20 and $93.80 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 HURN market-implied 1-standard-deviation expected move is approximately 16.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HURN implied volatility affect this butterfly?

HURN ATM IV is at 59.10% with IV rank near 62.35%, 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.

HURN Butterfly Strategy

HURN (Huron Consulting Group Inc.), in the Industrials sector, (Consulting Services industry), listed on NASDAQ.

Huron Consulting Group Inc. provides global professional services in the United States and internationally. It operates through three segments: Healthcare, Education, and Commercial. The company offers financial and operational performance improvement consulting services; digital services; spanning technology and analytic-related services, including enterprise health record, enterprise resource planning, enterprise performance management, customer relationship management, data management, artificial intelligence and automation, technology managed services, and a portfolio of software products; organizational transformation; revenue cycle managed services and outsourcing; financial and capital advisory consulting; and strategy and innovation consulting. It also provides research-focused consulting and managed services, as well as Huron Research product suite, a software suite designed to facilitate and improve research administration service delivery and compliance. In addition, the company offers software products, financial capital advisory services, regulatory compliance and risk management consulting, and Commercial consulting. The company serves healthcare, education, financial services, industrials and manufacturing, energy and utilities, public sector, and other commercial industries.

HURN (Huron Consulting Group Inc.) trades in the Industrials sector, specifically Consulting Services, with a market capitalization of approximately $1.60B, a trailing P/E of 16.16, a beta of 0.09 versus the broader market, a 52-week range of 84.88-186.78, average daily share volume of 271K, a public-listing history dating back to 2004, approximately 9K full-time employees. These structural characteristics shape how HURN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.09 indicates HURN 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 HURN?

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 HURN snapshot

As of June 30, 2026, spot at $91.25, ATM IV 59.10%, IV rank 62.35%, expected move 16.94%. The butterfly on HURN 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 17-day expiry.

Why this butterfly structure on HURN specifically: HURN IV at 59.10% 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 16.94% (roughly $15.46 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HURN expiries trade a higher absolute premium for lower per-day decay. Position sizing on HURN should anchor to the underlying notional of $91.25 per share and to the trader's directional view on HURN stock.

HURN butterfly setup

The HURN 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 HURN near $91.25, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HURN chain at a 17-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 HURN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$85.00	$9.30
Sell 2	Call	$90.00	$5.80
Buy 1	Call	$95.00	$3.50

HURN butterfly risk and reward

Net Premium / Debit: -$120.00
Max Profit (per contract): $367.94
Max Loss (per contract): -$120.00
Breakeven(s): $86.20, $93.80
Risk / Reward Ratio: 3.066

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.

HURN butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on HURN. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$120.00
$20.18	-77.9%	-$120.00
$40.36	-55.8%	-$120.00
$60.53	-33.7%	-$120.00
$80.71	-11.6%	-$120.00
$100.88	+10.6%	-$120.00
$121.06	+32.7%	-$120.00
$141.23	+54.8%	-$120.00
$161.41	+76.9%	-$120.00
$181.58	+99.0%	-$120.00

When traders use butterfly on HURN

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

HURN thesis for this butterfly

The market-implied 1-standard-deviation range for HURN extends from approximately $75.79 on the downside to $106.71 on the upside. A HURN long call butterfly is a pinning play: it pays maximum at the middle strike if HURN settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current HURN IV rank near 62.35% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on HURN should anchor more to the directional view and the expected-move geometry. As a Industrials name, HURN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HURN-specific events.

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

Frequently asked questions

What is a butterfly on HURN?: A butterfly on HURN is the butterfly strategy applied to HURN (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 HURN stock trading near $91.25, the strikes shown on this page are snapped to the nearest listed HURN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HURN 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 HURN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 59.10%), the computed maximum profit is $367.94 per contract and the computed maximum loss is -$120.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HURN butterfly?: The breakeven for the HURN butterfly priced on this page is roughly $86.20 and $93.80 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 HURN market-implied 1-standard-deviation expected move is approximately 16.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on HURN?: Butterflies on HURN are pinning bets - traders use them when they expect HURN 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 HURN implied volatility affect this butterfly?: HURN ATM IV is at 59.10% with IV rank near 62.35%, 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.