How are PCOR 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 PCOR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 60.40%), the computed maximum profit is $184.77 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PCOR butterfly?

The breakeven for the PCOR butterfly priced on this page is roughly $38.00 and $42.00 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 PCOR market-implied 1-standard-deviation expected move is approximately 17.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PCOR implied volatility affect this butterfly?

PCOR ATM IV is at 60.40% with IV rank near 51.31%, 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.

PCOR Butterfly Strategy

PCOR (Procore Technologies, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Procore Technologies, Inc. delivers a comprehensive, cloud-based platform designed for construction management, along with accompanying software solutions, serving clients both in the United States and globally. This platform empowers a diverse range of stakeholders, including property owners, general and specialty contractors, architects, and engineers, to collaborate seamlessly throughout their construction projects. The company's offerings are structured into several key modules: Preconstruction: This module facilitates streamlined collaboration among internal and external parties during the initial project phases, such as planning, budgeting, estimating, bidding, and selecting partners. Project Management: It enables real-time teamwork, secure information storage, design coordination, BIM model clash detection, and regulatory compliance for both jobsite personnel and back-office teams. Resource Management: This tool assists contractors in scheduling, monitoring, and forecasting labor productivity, improving time management, enhancing workforce communication, and optimizing project profitability. Financial Management: It provides customers with detailed visibility into the fiscal health of individual construction projects and their entire portfolios, ensuring unfettered, real-time access to financial data that bridges the gap between field operations and the main office.

PCOR (Procore Technologies, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $6.32B, a beta of 0.72 versus the broader market, a 52-week range of 38.03-82.315, average daily share volume of 2.7M, a public-listing history dating back to 2021, approximately 4K full-time employees. These structural characteristics shape how PCOR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.72 places PCOR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on PCOR?

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 PCOR snapshot

As of June 30, 2026, spot at $40.35, ATM IV 60.40%, IV rank 51.31%, expected move 17.32%. The butterfly on PCOR 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 17-day expiry.

Why this butterfly structure on PCOR specifically: PCOR IV at 60.40% 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 17.32% (roughly $6.99 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PCOR expiries trade a higher absolute premium for lower per-day decay. Position sizing on PCOR should anchor to the underlying notional of $40.35 per share and to the trader's directional view on PCOR stock.

PCOR butterfly setup

The PCOR 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 PCOR near $40.35, the first option leg uses a $37.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PCOR chain at a 17-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 PCOR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$37.50	$3.80
Sell 2	Call	$40.00	$2.28
Buy 1	Call	$42.50	$1.25

PCOR butterfly risk and reward

Net Premium / Debit: -$50.00
Max Profit (per contract): $184.77
Max Loss (per contract): -$50.00
Breakeven(s): $38.00, $42.00
Risk / Reward Ratio: 3.695

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.

PCOR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on PCOR. 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%	-$50.00
$8.93	-77.9%	-$50.00
$17.85	-55.8%	-$50.00
$26.77	-33.7%	-$50.00
$35.69	-11.5%	-$50.00
$44.61	+10.6%	-$50.00
$53.53	+32.7%	-$50.00
$62.45	+54.8%	-$50.00
$71.37	+76.9%	-$50.00
$80.29	+99.0%	-$50.00

When traders use butterfly on PCOR

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

PCOR thesis for this butterfly

The market-implied 1-standard-deviation range for PCOR extends from approximately $33.36 on the downside to $47.34 on the upside. A PCOR long call butterfly is a pinning play: it pays maximum at the middle strike if PCOR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current PCOR IV rank near 51.31% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on PCOR should anchor more to the directional view and the expected-move geometry. As a Technology name, PCOR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PCOR-specific events.

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

Frequently asked questions

What is a butterfly on PCOR?: A butterfly on PCOR is the butterfly strategy applied to PCOR (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 PCOR stock trading near $40.35, the strikes shown on this page are snapped to the nearest listed PCOR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PCOR 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 PCOR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 60.40%), the computed maximum profit is $184.77 per contract and the computed maximum loss is -$50.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PCOR butterfly?: The breakeven for the PCOR butterfly priced on this page is roughly $38.00 and $42.00 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 PCOR market-implied 1-standard-deviation expected move is approximately 17.32%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on PCOR?: Butterflies on PCOR are pinning bets - traders use them when they expect PCOR 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 PCOR implied volatility affect this butterfly?: PCOR ATM IV is at 60.40% with IV rank near 51.31%, 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.