How are INTU 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 INTU butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 59.48%), the computed maximum profit is $1,676.80 per contract and the computed maximum loss is -$310.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a INTU butterfly?

The breakeven for the INTU butterfly priced on this page is roughly $361.90 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 INTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current INTU implied volatility affect this butterfly?

INTU ATM IV is at 59.48% with IV rank near 78.92%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

INTU Butterfly Strategy

INTU (Intuit Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.

Intuit Inc. provides financial management, payments and capital, compliance, and marketing products and services in the United States. The company operates in four segments: Global Business Solutions, Consumer, Credit Karma, and ProTax. The Global Business Solutions segment provides QuickBooks services, which include financial and business management online services, desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts, and financing services for small and mid-market businesses; and Mailchimp, a marketing automation and customer relationship management. This segment also offers QuickBooks online services and desktop software solutions comprising QuickBooks Online, QuickBooks Live, QuickBooks Online Advanced, QuickBooks Self-Employed, QuickBooks Solopreneur financial and business management offerings, QuickBooks Online Payroll, QuickBooks Checking, QuickBooks Desktop software subscriptions, and QuickBooks Assisted Payroll. The Consumer segment provides do-it-yourself and assisted TurboTax income tax preparation products and services. The Credit Karma segment offers consumers with a personal finance platform that provides recommendations for credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts; and access to its credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools.

INTU (Intuit Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $91.56B, a trailing P/E of 20.15, a beta of 0.96 versus the broader market, a 52-week range of 252.84-721.54, average daily share volume of 4.7M, a public-listing history dating back to 1993, approximately 18K full-time employees. These structural characteristics shape how INTU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.96 places INTU roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. INTU pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on INTU?

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.

INTU snapshot

As of August 14, 2026, spot at $346.87, ATM IV 59.48%, IV rank 78.92%, expected move 17.05%. The butterfly on INTU 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 28-day expiry.

Why this butterfly structure on INTU specifically: INTU IV at 59.48% is rich versus its 1-year range, which makes a premium-buying INTU butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 17.05% (roughly $59.15 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INTU expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTU should anchor to the underlying notional of $346.87 per share and to the trader's directional view on INTU stock.

INTU butterfly setup

The INTU 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 INTU at $346.87 on that close, the first option leg uses a $330.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTU chain at a 28-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 INTU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$330.00	$31.95
Sell 2	Call	$345.00	$24.65
Buy 1	Call	$365.00	$15.45

INTU butterfly risk and reward

Net Premium / Debit: +$190.00
Max Profit (per contract): $1,676.80
Max Loss (per contract): -$310.00
Breakeven(s): $361.90
Risk / Reward Ratio: 5.409

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.

INTU butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on INTU. 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%	+$190.00
$76.70	-77.9%	+$190.00
$153.40	-55.8%	+$190.00
$230.09	-33.7%	+$190.00
$306.79	-11.6%	+$190.00
$383.48	+10.6%	-$310.00
$460.17	+32.7%	-$310.00
$536.87	+54.8%	-$310.00
$613.56	+76.9%	-$310.00
$690.25	+99.0%	-$310.00

When traders use butterfly on INTU

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

INTU thesis for this butterfly

The market-implied 1-standard-deviation range for INTU extends from approximately $287.72 on the downside to $406.02 on the upside. A INTU long call butterfly is a pinning play: it pays maximum at the middle strike if INTU settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INTU IV rank near 78.92% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on INTU at 59.48%. As a Technology name, INTU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTU-specific events.

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

Frequently asked questions

What is a butterfly on INTU?: A butterfly on INTU is the butterfly strategy applied to INTU (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 INTU stock at $346.87 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed INTU chain strike and the premiums come straight from that session's bid/ask midpoint.
How are INTU 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 INTU butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 59.48%), the computed maximum profit is $1,676.80 per contract and the computed maximum loss is -$310.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a INTU butterfly?: The breakeven for the INTU butterfly priced on this page is roughly $361.90 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 INTU market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.05%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on INTU?: Butterflies on INTU are pinning bets - traders use them when they expect INTU 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 INTU implied volatility affect this butterfly?: INTU ATM IV is at 59.48% with IV rank near 78.92%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.