How are QURE 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 QURE butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 96.80%), the computed maximum profit is $209.49 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a QURE butterfly?

The breakeven for the QURE butterfly priced on this page is roughly $45.90 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The QURE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current QURE implied volatility affect this butterfly?

QURE ATM IV is at 96.80% with IV rank near 10.90%, 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.

QURE Butterfly Strategy

QURE (uniQure N.V.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

uniQure N.V. develops treatments for patients suffering from rare and other devastating diseases in the United States. The company offers HEMGENIX that allows people living with hemophilia B to produce factor IX, which can lower the risk of bleeding. Its lead product candidate is AMT-130, a gene therapy candidate, which is in phase I/II clinical study for the treatment of Huntington’s disease. The company also develops AMT-260, which is in phase I/IIa clinical trial for the treatment of mesial temporal lobe epilepsy; AMT-162, which is in phase I/IIa clinical trial to treat superoxide dismutase enzyme-amyotrophic lateral sclerosis; and AMT-191, an investigational gene therapy candidate which is in phase I/IIa clinical trial for the treatment of fabry disease. It has a licensing agreement with Apic Bio to develop, manufacture, and commercialize intrathecally administered investigational gene therapy for ALS caused by mutations in SOD-1; and development and commercial supply agreement with CLS Bhering. uniQure N.V. was founded in 1998 and is headquartered in Amsterdam, the Netherlands.

QURE (uniQure N.V.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $3.13B, a beta of 0.94 versus the broader market, a 52-week range of 8.73-71.5, average daily share volume of 2.0M, a public-listing history dating back to 2014, approximately 221 full-time employees. These structural characteristics shape how QURE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places QURE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a butterfly on QURE?

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.

QURE snapshot

As of August 14, 2026, spot at $47.75, ATM IV 96.80%, IV rank 10.90%, expected move 27.75%. The butterfly on QURE below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this butterfly structure on QURE specifically: QURE IV at 96.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a QURE butterfly, with a market-implied 1-standard-deviation move of approximately 27.75% (roughly $13.25 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated QURE expiries trade a higher absolute premium for lower per-day decay. Position sizing on QURE should anchor to the underlying notional of $47.75 per share and to the trader's directional view on QURE stock.

QURE butterfly setup

The QURE butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With QURE at $47.75 on that close, the first option leg uses a $45.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed QURE chain at a 35-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 QURE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$45.00	$7.30
Sell 2	Call	$48.00	$5.65
Buy 1	Call	$50.00	$4.90

QURE butterfly risk and reward

Net Premium / Debit: -$90.00
Max Profit (per contract): $209.49
Max Loss (per contract): -$90.00
Breakeven(s): $45.90
Risk / Reward Ratio: 2.328

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.

QURE butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on QURE. 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%	-$90.00
$10.57	-77.9%	-$90.00
$21.12	-55.8%	-$90.00
$31.68	-33.7%	-$90.00
$42.24	-11.5%	-$90.00
$52.79	+10.6%	+$10.00
$63.35	+32.7%	+$10.00
$73.91	+54.8%	+$10.00
$84.46	+76.9%	+$10.00
$95.02	+99.0%	+$10.00

When traders use butterfly on QURE

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

QURE thesis for this butterfly

The market-implied 1-standard-deviation range for QURE extends from approximately $34.50 on the downside to $61.00 on the upside. A QURE long call butterfly is a pinning play: it pays maximum at the middle strike if QURE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current QURE IV rank near 10.90% 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 QURE at 96.80%. As a Healthcare name, QURE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to QURE-specific events.

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

Frequently asked questions

What is a butterfly on QURE?: A butterfly on QURE is the butterfly strategy applied to QURE (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 QURE stock at $47.75 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed QURE chain strike and the premiums come straight from that session's bid/ask midpoint.
How are QURE 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 QURE butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 96.80%), the computed maximum profit is $209.49 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a QURE butterfly?: The breakeven for the QURE butterfly priced on this page is roughly $45.90 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The QURE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 27.75%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on QURE?: Butterflies on QURE are pinning bets - traders use them when they expect QURE 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 QURE implied volatility affect this butterfly?: QURE ATM IV is at 96.80% with IV rank near 10.90%, 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.