How are MTZ 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 MTZ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 58.20%), the computed maximum profit is $1,862.38 per contract and the computed maximum loss is -$960.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a MTZ butterfly?

The breakeven for the MTZ butterfly priced on this page is roughly $440.40 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 MTZ market-implied 1-standard-deviation expected move is approximately 16.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current MTZ implied volatility affect this butterfly?

MTZ ATM IV is at 58.20% with IV rank near 64.79%, 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.

MTZ Butterfly Strategy

MTZ (MasTec, Inc.), in the Industrials sector, (Engineering & Construction industry), listed on NYSE.

MasTec, Inc. is a leading infrastructure construction firm that delivers a comprehensive suite of services, encompassing engineering, construction, installation, maintenance, and enhancement. The company primarily serves the communications, energy, utility, and broader infrastructure sectors throughout the United States and Canada. Its operations are structured across distinct segments: Communications, Clean Energy and Infrastructure, Oil and Gas, Power Delivery, and Other. MasTec's construction activities involve building intricate underground and overhead distribution systems, essential for wireless and fiber-optic communication networks, as well as electrical grids. The company also develops clean energy infrastructure, including renewable energy facilities; pipelines for natural gas and other products, alongside extensive electrical and gas transmission and distribution systems. Furthermore, it specializes in heavy industrial plants, compressor and pumping stations, water and wastewater treatment facilities, and critical water and sewer pipelines, among other civil engineering projects.

MTZ (MasTec, Inc.) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $31.32B, a trailing P/E of 67.34, a beta of 1.79 versus the broader market, a 52-week range of 160.08-441.43, average daily share volume of 1.0M, a public-listing history dating back to 1973, approximately 32K full-time employees. These structural characteristics shape how MTZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.79 indicates MTZ 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 67.34 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.

What is a butterfly on MTZ?

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 MTZ snapshot

As of June 29, 2026, spot at $424.62, ATM IV 58.20%, IV rank 64.79%, expected move 16.69%. The butterfly on MTZ 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 18-day expiry.

Why this butterfly structure on MTZ specifically: MTZ IV at 58.20% 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 16.69% (roughly $70.85 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MTZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on MTZ should anchor to the underlying notional of $424.62 per share and to the trader's directional view on MTZ stock.

MTZ butterfly setup

The MTZ 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 MTZ near $424.62, the first option leg uses a $400.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MTZ chain at a 18-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 MTZ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$400.00	$36.85
Sell 2	Call	$420.00	$24.55
Buy 1	Call	$450.00	$11.85

MTZ butterfly risk and reward

Net Premium / Debit: +$40.00
Max Profit (per contract): $1,862.38
Max Loss (per contract): -$960.00
Breakeven(s): $440.40
Risk / Reward Ratio: 1.940

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.

MTZ butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on MTZ. 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%	+$40.00
$93.89	-77.9%	+$40.00
$187.78	-55.8%	+$40.00
$281.66	-33.7%	+$40.00
$375.55	-11.6%	+$40.00
$469.43	+10.6%	-$960.00
$563.32	+32.7%	-$960.00
$657.20	+54.8%	-$960.00
$751.09	+76.9%	-$960.00
$844.97	+99.0%	-$960.00

When traders use butterfly on MTZ

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

MTZ thesis for this butterfly

The market-implied 1-standard-deviation range for MTZ extends from approximately $353.77 on the downside to $495.47 on the upside. A MTZ long call butterfly is a pinning play: it pays maximum at the middle strike if MTZ settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current MTZ IV rank near 64.79% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on MTZ should anchor more to the directional view and the expected-move geometry. As a Industrials name, MTZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MTZ-specific events.

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

Frequently asked questions

What is a butterfly on MTZ?: A butterfly on MTZ is the butterfly strategy applied to MTZ (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 MTZ stock trading near $424.62, the strikes shown on this page are snapped to the nearest listed MTZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are MTZ 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 MTZ butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 58.20%), the computed maximum profit is $1,862.38 per contract and the computed maximum loss is -$960.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a MTZ butterfly?: The breakeven for the MTZ butterfly priced on this page is roughly $440.40 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 MTZ market-implied 1-standard-deviation expected move is approximately 16.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on MTZ?: Butterflies on MTZ are pinning bets - traders use them when they expect MTZ 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 MTZ implied volatility affect this butterfly?: MTZ ATM IV is at 58.20% with IV rank near 64.79%, 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.