How are PLNT 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 PLNT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 48.20%), the computed maximum profit is $214.51 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 PLNT butterfly?

The breakeven for the PLNT butterfly priced on this page is roughly $50.31 and $54.70 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 PLNT market-implied 1-standard-deviation expected move is approximately 13.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PLNT implied volatility affect this butterfly?

PLNT ATM IV is at 48.20% with IV rank near 38.58%, 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.

PLNT Butterfly Strategy

PLNT (Planet Fitness, Inc.), in the Consumer Cyclical sector, (Leisure industry), listed on NYSE.

Planet Fitness, Inc., together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. It operates through Franchise, Corporate-Owned Stores, and Equipment segments. The Franchise segment is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Stores segment operates corporate-owned stores in the United States and Canada. The Equipment segment engages in the sale of fitness equipment to franchisee-owned stores in the United States and Canada. As of December 31,2021, the company had 2,254 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia.

PLNT (Planet Fitness, Inc.) trades in the Consumer Cyclical sector, specifically Leisure, with a market capitalization of approximately $4.02B, a trailing P/E of 17.60, a beta of 1.12 versus the broader market, a 52-week range of 37.03-114.47, average daily share volume of 2.2M, a public-listing history dating back to 2015, approximately 4K full-time employees. These structural characteristics shape how PLNT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.12 places PLNT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on PLNT?

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 PLNT snapshot

As of May 15, 2026, spot at $52.73, ATM IV 48.20%, IV rank 38.58%, expected move 13.82%. The butterfly on PLNT 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 PLNT specifically: PLNT IV at 48.20% 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 13.82% (roughly $7.29 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 PLNT expiries trade a higher absolute premium for lower per-day decay. Position sizing on PLNT should anchor to the underlying notional of $52.73 per share and to the trader's directional view on PLNT stock.

PLNT butterfly setup

The PLNT 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 PLNT near $52.73, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PLNT 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 PLNT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$50.00	$4.90
Sell 2	Call	$52.50	$3.40
Buy 1	Call	$55.00	$2.23

PLNT butterfly risk and reward

Net Premium / Debit: -$32.50
Max Profit (per contract): $214.51
Max Loss (per contract): -$32.50
Breakeven(s): $50.31, $54.70
Risk / Reward Ratio: 6.600

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.

PLNT butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on PLNT. 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%	-$32.50
$11.67	-77.9%	-$32.50
$23.33	-55.8%	-$32.50
$34.98	-33.7%	-$32.50
$46.64	-11.5%	-$32.50
$58.30	+10.6%	-$32.50
$69.96	+32.7%	-$32.50
$81.61	+54.8%	-$32.50
$93.27	+76.9%	-$32.50
$104.93	+99.0%	-$32.50

When traders use butterfly on PLNT

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

PLNT thesis for this butterfly

The market-implied 1-standard-deviation range for PLNT extends from approximately $45.44 on the downside to $60.02 on the upside. A PLNT long call butterfly is a pinning play: it pays maximum at the middle strike if PLNT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current PLNT IV rank near 38.58% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on PLNT should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, PLNT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PLNT-specific events.

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

Frequently asked questions

What is a butterfly on PLNT?: A butterfly on PLNT is the butterfly strategy applied to PLNT (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 PLNT stock trading near $52.73, the strikes shown on this page are snapped to the nearest listed PLNT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PLNT 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 PLNT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 48.20%), the computed maximum profit is $214.51 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 PLNT butterfly?: The breakeven for the PLNT butterfly priced on this page is roughly $50.31 and $54.70 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 PLNT market-implied 1-standard-deviation expected move is approximately 13.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on PLNT?: Butterflies on PLNT are pinning bets - traders use them when they expect PLNT 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 PLNT implied volatility affect this butterfly?: PLNT ATM IV is at 48.20% with IV rank near 38.58%, 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.