How are INGR 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 INGR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.30%), the computed maximum profit is $152.85 per contract and the computed maximum loss is -$317.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a INGR butterfly?

The breakeven for the INGR butterfly priced on this page is roughly $103.17 and $106.83 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The INGR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current INGR implied volatility affect this butterfly?

INGR ATM IV is at 21.30% with IV rank near 2.86%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

INGR Butterfly Strategy

INGR (Ingredion Incorporated), in the Consumer Defensive sector, (Packaged Foods industry), listed on NYSE.

Ingredion Incorporated, along with its affiliated entities, specializes in the global production and sale of starches and sweeteners, catering to a diverse range of industries. The company's operations are strategically organized into four geographical segments: North America, South America, Asia-Pacific, and Europe, the Middle East, and Africa. Its extensive product portfolio includes a variety of sweetener solutions such as glucose, high maltose, and high fructose corn syrups, as well as caramel colors, dextrose, polyols, maltodextrins, and glucose syrup solids. Beyond sweeteners, Ingredion also provides food-grade and industrial starches, biomaterials, and key nutrition ingredients. The company further offers specific corn-derived products like edible corn oil, and refined corn oil supplied to manufacturers of cooking oils, margarine, salad dressings, shortening, and mayonnaise. It also produces corn gluten feed, a protein source for poultry, pet food, and aquaculture.

INGR (Ingredion Incorporated) trades in the Consumer Defensive sector, specifically Packaged Foods, with a market capitalization of approximately $6.54B, a trailing P/E of 11.09, a beta of 0.61 versus the broader market, a 52-week range of 94.44-130.48, average daily share volume of 802K, a public-listing history dating back to 1997, approximately 11K full-time employees. These structural characteristics shape how INGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.61 indicates INGR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 11.09 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. INGR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on INGR?

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.

INGR snapshot

As of August 14, 2026, spot at $104.77, ATM IV 21.30%, IV rank 2.86%, expected move 6.11%. The butterfly on INGR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.

Why this butterfly structure on INGR specifically: INGR IV at 21.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a INGR butterfly, with a market-implied 1-standard-deviation move of approximately 6.11% (roughly $6.40 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on INGR should anchor to the underlying notional of $104.77 per share and to the trader's directional view on INGR stock.

INGR butterfly setup

The INGR butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With INGR at $104.77 on that close, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INGR chain at a 7-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 INGR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$100.00	$5.00
Sell 2	Call	$105.00	$0.93
Buy 1	Call	$110.00	$0.02

INGR butterfly risk and reward

Net Premium / Debit: -$317.00
Max Profit (per contract): $152.85
Max Loss (per contract): -$317.00
Breakeven(s): $103.17, $106.83
Risk / Reward Ratio: 0.482

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.

INGR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on INGR. 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%	-$317.00
$23.17	-77.9%	-$317.00
$46.34	-55.8%	-$317.00
$69.50	-33.7%	-$317.00
$92.67	-11.6%	-$317.00
$115.83	+10.6%	-$317.00
$138.99	+32.7%	-$317.00
$162.16	+54.8%	-$317.00
$185.32	+76.9%	-$317.00
$208.49	+99.0%	-$317.00

When traders use butterfly on INGR

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

INGR thesis for this butterfly

The market-implied 1-standard-deviation range for INGR extends from approximately $98.37 on the downside to $111.17 on the upside. A INGR long call butterfly is a pinning play: it pays maximum at the middle strike if INGR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INGR IV rank near 2.86% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on INGR at 21.30%. As a Consumer Defensive name, INGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INGR-specific events.

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

Frequently asked questions

What is a butterfly on INGR?: A butterfly on INGR is the butterfly strategy applied to INGR (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 INGR stock at $104.77 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed INGR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are INGR 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 INGR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 21.30%), the computed maximum profit is $152.85 per contract and the computed maximum loss is -$317.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a INGR butterfly?: The breakeven for the INGR butterfly priced on this page is roughly $103.17 and $106.83 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The INGR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 6.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on INGR?: Butterflies on INGR are pinning bets - traders use them when they expect INGR 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 INGR implied volatility affect this butterfly?: INGR ATM IV is at 21.30% with IV rank near 2.86%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.