How are JXN 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 JXN butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $433.00 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a JXN butterfly?

The breakeven for the JXN butterfly priced on this page is roughly $129.98 and $139.75 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 JXN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current JXN implied volatility affect this butterfly?

JXN ATM IV is at 32.60% with IV rank near 26.42%, 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.

JXN Butterfly Strategy

JXN (Jackson Financial Inc.), in the Financial Services sector, (Insurance - Life industry), listed on NYSE.

Jackson Financial Inc., incorporated in 2006 and based in Lansing, Michigan, specializes in offering a diverse range of annuity products primarily to individual investors across the United States. The company, which was previously known as Brooke (Holdco1) Inc., adopted its current name in July 2020. Its business operations are categorized into three core segments. The Retail Annuities segment delivers retirement savings and income solutions, encompassing offerings such as variable, fixed index, fixed, and immediate payout annuities, alongside registered index-linked annuities and broader lifetime income options. The Institutional Products segment caters to a different client base, providing traditional guaranteed investment contracts, various funding agreements (including those associated with its involvement in the U.S. federal home loan bank program), and medium-term funding agreement-backed notes. Finally, the Closed Life and Annuity Blocks segment manages a portfolio of existing protection products.

JXN (Jackson Financial Inc.) trades in the Financial Services sector, specifically Insurance - Life, with a market capitalization of approximately $9.11B, a trailing P/E of 89.01, a beta of 1.31 versus the broader market, a 52-week range of 89.67-137.99, average daily share volume of 619K, a public-listing history dating back to 2021, approximately 3K full-time employees. These structural characteristics shape how JXN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.31 indicates JXN has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 89.01 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. JXN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on JXN?

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.

JXN snapshot

As of August 14, 2026, spot at $135.33, ATM IV 32.60%, IV rank 26.42%, expected move 9.35%. The butterfly on JXN 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 35-day expiry.

Why this butterfly structure on JXN specifically: JXN IV at 32.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a JXN butterfly, with a market-implied 1-standard-deviation move of approximately 9.35% (roughly $12.65 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JXN expiries trade a higher absolute premium for lower per-day decay. Position sizing on JXN should anchor to the underlying notional of $135.33 per share and to the trader's directional view on JXN stock.

JXN butterfly setup

The JXN 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 JXN at $135.33 on that close, the first option leg uses a $130.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JXN chain at a 35-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 JXN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$130.00	$8.60
Sell 2	Call	$135.00	$5.70
Buy 1	Call	$140.00	$3.13

JXN butterfly risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): $433.00
Max Loss (per contract): -$32.50
Breakeven(s): $129.98, $139.75
Risk / Reward Ratio: 13.323

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.

JXN butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on JXN. 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%	-$32.50
$29.93	-77.9%	-$32.50
$59.85	-55.8%	-$32.50
$89.77	-33.7%	-$32.50
$119.69	-11.6%	-$32.50
$149.62	+10.6%	-$32.50
$179.54	+32.7%	-$32.50
$209.46	+54.8%	-$32.50
$239.38	+76.9%	-$32.50
$269.30	+99.0%	-$32.50

When traders use butterfly on JXN

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

JXN thesis for this butterfly

The market-implied 1-standard-deviation range for JXN extends from approximately $122.68 on the downside to $147.98 on the upside. A JXN long call butterfly is a pinning play: it pays maximum at the middle strike if JXN settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current JXN IV rank near 26.42% 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 JXN at 32.60%. As a Financial Services name, JXN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JXN-specific events.

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

Frequently asked questions

What is a butterfly on JXN?: A butterfly on JXN is the butterfly strategy applied to JXN (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 JXN stock at $135.33 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed JXN chain strike and the premiums come straight from that session's bid/ask midpoint.
How are JXN 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 JXN butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $433.00 per contract and the computed maximum loss is -$32.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a JXN butterfly?: The breakeven for the JXN butterfly priced on this page is roughly $129.98 and $139.75 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 JXN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on JXN?: Butterflies on JXN are pinning bets - traders use them when they expect JXN 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 JXN implied volatility affect this butterfly?: JXN ATM IV is at 32.60% with IV rank near 26.42%, 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.