How are MANH 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 MANH butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 53.00%), the computed maximum profit is $599.36 per contract and the computed maximum loss is -$360.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MANH butterfly?

The breakeven for the MANH butterfly priced on this page is roughly $136.40 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 MANH market-implied 1-standard-deviation expected move is approximately 15.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MANH implied volatility affect this butterfly?

MANH ATM IV is at 53.00% with IV rank near 61.45%, 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.

MANH Butterfly Strategy

MANH (Manhattan Associates, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.

Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Manhattan SCALE, a portfolio of logistics execution solutions that provide trading partner management, yard management, optimization, warehouse management, and transportation execution services; and Manhattan Active, a set of enterprise and store omni-channel solutions. The company also provides inventory optimization, planning, and allocation solutions; maintenance services comprising customer support services and software enhancements; professional services, such as solutions planning and implementation, and related consulting services; and training and change management services. In addition, it resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. The company offers products through direct sales personnel, as well as through partnership agreements with various organizations. It serves grocery, food and beverage, manufacturing, medical and pharmaceutical, retail, third-party logistics, and wholesale industries.

MANH (Manhattan Associates, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $7.43B, a trailing P/E of 34.59, a beta of 0.95 versus the broader market, a 52-week range of 119.06-247.22, average daily share volume of 719K, a public-listing history dating back to 1998, approximately 5K full-time employees. These structural characteristics shape how MANH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.95 places MANH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on MANH?

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 MANH snapshot

As of May 15, 2026, spot at $131.06, ATM IV 53.00%, IV rank 61.45%, expected move 15.19%. The butterfly on MANH 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 MANH specifically: MANH IV at 53.00% 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 15.19% (roughly $19.91 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 MANH expiries trade a higher absolute premium for lower per-day decay. Position sizing on MANH should anchor to the underlying notional of $131.06 per share and to the trader's directional view on MANH stock.

MANH butterfly setup

The MANH 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 MANH near $131.06, the first option leg uses a $125.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MANH 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 MANH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$125.00	$11.75
Sell 2	Call	$130.00	$9.00
Buy 1	Call	$140.00	$4.85

MANH butterfly risk and reward

Net Premium / Debit: +$140.00
Max Profit (per contract): $599.36
Max Loss (per contract): -$360.00
Breakeven(s): $136.40
Risk / Reward Ratio: 1.665

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.

MANH butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on MANH. 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%	+$140.00
$28.99	-77.9%	+$140.00
$57.96	-55.8%	+$140.00
$86.94	-33.7%	+$140.00
$115.92	-11.6%	+$140.00
$144.89	+10.6%	-$360.00
$173.87	+32.7%	-$360.00
$202.85	+54.8%	-$360.00
$231.83	+76.9%	-$360.00
$260.80	+99.0%	-$360.00

When traders use butterfly on MANH

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

MANH thesis for this butterfly

The market-implied 1-standard-deviation range for MANH extends from approximately $111.15 on the downside to $150.97 on the upside. A MANH long call butterfly is a pinning play: it pays maximum at the middle strike if MANH settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current MANH IV rank near 61.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on MANH should anchor more to the directional view and the expected-move geometry. As a Technology name, MANH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MANH-specific events.

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

Frequently asked questions

What is a butterfly on MANH?: A butterfly on MANH is the butterfly strategy applied to MANH (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 MANH stock trading near $131.06, the strikes shown on this page are snapped to the nearest listed MANH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MANH 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 MANH butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 53.00%), the computed maximum profit is $599.36 per contract and the computed maximum loss is -$360.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MANH butterfly?: The breakeven for the MANH butterfly priced on this page is roughly $136.40 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 MANH market-implied 1-standard-deviation expected move is approximately 15.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on MANH?: Butterflies on MANH are pinning bets - traders use them when they expect MANH 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 MANH implied volatility affect this butterfly?: MANH ATM IV is at 53.00% with IV rank near 61.45%, 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.