How are LMAT 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 LMAT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 30.20%), the computed maximum profit is $476.38 per contract and the computed maximum loss is -$1.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a LMAT butterfly?

The breakeven for the LMAT butterfly priced on this page is roughly $94.80 and $105.72 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 LMAT market-implied 1-standard-deviation expected move is approximately 8.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current LMAT implied volatility affect this butterfly?

LMAT ATM IV is at 30.20% with IV rank near 2.32%, 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.

LMAT Butterfly Strategy

LMAT (LeMaitre Vascular, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.

LeMaitre Vascular, Inc. designs, markets, sells, services, and supports medical devices and implants for the treatment of peripheral vascular disease worldwide. It offers angioscope, a fiberoptic catheter used for viewing the lumen of a blood vessel; embolectomy catheters to remove blood clots from arteries or veins; occlusion catheters that temporarily occlude the blood flow; perfusion catheters to perfuse the blood and other fluids into the vasculature; and thrombectomy catheters, which features a silicone balloon for removing thrombi in the venous system. The company also provides carotid shunts that temporarily shunt the blood to the brain during the removal of plaque from the carotid artery in a carotid endarterectomy surgery; and radiopaque tape, a medical-grade tape applied to the skin that enables interventionists to cross-refer between the inside and the outside of a patient's body, and allows them to locate tributaries or lesions beneath the skin. In addition, it offers valvulotomes, which cut or disrupt valves in the saphenous vein to function as an artery to carry blood past diseased arteries to the lower leg or the foot; and vascular grafts to bypass or replace diseased arteries. Further, the company provides vascular and cardiac patches, which are used for closure of vessels after surgical intervention; and closure systems to attach vessels to one another with titanium clips instead of sutures. It markets its products through a direct sales force and distributors.

LMAT (LeMaitre Vascular, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $2.24B, a trailing P/E of 35.87, a beta of 0.60 versus the broader market, a 52-week range of 78.35-118.01, average daily share volume of 252K, a public-listing history dating back to 2006, approximately 651 full-time employees. These structural characteristics shape how LMAT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.60 indicates LMAT 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 35.87 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. LMAT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on LMAT?

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 LMAT snapshot

As of May 14, 2026, spot at $99.27, ATM IV 30.20%, IV rank 2.32%, expected move 8.66%. The butterfly on LMAT 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 LMAT specifically: LMAT IV at 30.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a LMAT butterfly, with a market-implied 1-standard-deviation move of approximately 8.66% (roughly $8.59 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 LMAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on LMAT should anchor to the underlying notional of $99.27 per share and to the trader's directional view on LMAT stock.

LMAT butterfly setup

The LMAT 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 LMAT near $99.27, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LMAT 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 LMAT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$95.00	$4.55
Sell 2	Call	$100.00	$2.70
Buy 1	Call	$105.00	$0.86

LMAT butterfly risk and reward

Net Premium / Debit: -$1.00
Max Profit (per contract): $476.38
Max Loss (per contract): -$1.00
Breakeven(s): $94.80, $105.72
Risk / Reward Ratio: 476.382

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.

LMAT butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on LMAT. 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%	-$1.00
$21.96	-77.9%	-$1.00
$43.91	-55.8%	-$1.00
$65.85	-33.7%	-$1.00
$87.80	-11.6%	-$1.00
$109.75	+10.6%	-$1.00
$131.70	+32.7%	-$1.00
$153.65	+54.8%	-$1.00
$175.59	+76.9%	-$1.00
$197.54	+99.0%	-$1.00

When traders use butterfly on LMAT

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

LMAT thesis for this butterfly

The market-implied 1-standard-deviation range for LMAT extends from approximately $90.68 on the downside to $107.86 on the upside. A LMAT long call butterfly is a pinning play: it pays maximum at the middle strike if LMAT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current LMAT IV rank near 2.32% 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 LMAT at 30.20%. As a Healthcare name, LMAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LMAT-specific events.

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

Frequently asked questions

What is a butterfly on LMAT?: A butterfly on LMAT is the butterfly strategy applied to LMAT (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 LMAT stock trading near $99.27, the strikes shown on this page are snapped to the nearest listed LMAT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are LMAT 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 LMAT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 30.20%), the computed maximum profit is $476.38 per contract and the computed maximum loss is -$1.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a LMAT butterfly?: The breakeven for the LMAT butterfly priced on this page is roughly $94.80 and $105.72 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 LMAT market-implied 1-standard-deviation expected move is approximately 8.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on LMAT?: Butterflies on LMAT are pinning bets - traders use them when they expect LMAT 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 LMAT implied volatility affect this butterfly?: LMAT ATM IV is at 30.20% with IV rank near 2.32%, 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.