How are SSNC 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 SSNC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 14.50%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SSNC butterfly?

The breakeven for the SSNC butterfly priced on this page is roughly $62.50 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 SSNC market-implied 1-standard-deviation expected move is approximately 4.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SSNC implied volatility affect this butterfly?

SSNC ATM IV is at 14.50% with IV rank near 1.50%, 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.

SSNC Butterfly Strategy

SSNC (SS&C Technologies Holdings, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.

SS&C Technologies Holdings, Inc. offers a diverse portfolio of software solutions and related services, catering primarily to the financial services and healthcare industries. The company's sophisticated technology infrastructure spans various critical functions within finance, including securities accounting; front-office capabilities such as trading and financial modeling; middle-office tasks like portfolio oversight and reporting; and comprehensive back-office operations encompassing general accounting, performance measurement, data reconciliation, processing, clearing, regulatory compliance, and tax reporting. In the healthcare sector, SS&C provides specialized solutions for claims adjudication, benefits administration, care management, and business intelligence. These offerings are instrumental in helping professionals in both domains automate intricate business processes and efficiently handle their extensive information processing demands. SS&C's wide array of software-enabled services includes prominent platforms like SS&C GlobeOp, Global Investor and Distribution Solutions, SS&C Retirement Solutions, Black Diamond Wealth Platform, Bluedoor, Advent Outsourcing Services, Advent Data Solutions, ALPS Advisors, and Virtual Data Rooms, alongside specific services for pharmacy, healthcare administration, and health outcomes optimization. Its core software products feature tools for portfolio and investment accounting and analytics, holistic portfolio management, trading, digital process automation, and banking and lending, complemented by research, risk analysis, and training applications.

SSNC (SS&C Technologies Holdings, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $15.33B, a trailing P/E of 18.98, a beta of 1.10 versus the broader market, a 52-week range of 62.99-91.07, average daily share volume of 2.5M, a public-listing history dating back to 2010, approximately 27K full-time employees. These structural characteristics shape how SSNC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.10 places SSNC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. SSNC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on SSNC?

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 SSNC snapshot

As of June 29, 2026, spot at $62.77, ATM IV 14.50%, IV rank 1.50%, expected move 4.16%. The butterfly on SSNC 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 172-day expiry.

Why this butterfly structure on SSNC specifically: SSNC IV at 14.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a SSNC butterfly, with a market-implied 1-standard-deviation move of approximately 4.16% (roughly $2.61 on the underlying). The 172-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SSNC expiries trade a higher absolute premium for lower per-day decay. Position sizing on SSNC should anchor to the underlying notional of $62.77 per share and to the trader's directional view on SSNC stock.

SSNC butterfly setup

The SSNC 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 SSNC near $62.77, the first option leg uses a $60.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SSNC chain at a 172-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 SSNC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$60.00	$8.25
Sell 2	Call	$65.00	$5.75
Buy 1	Call	$65.00	$5.75

SSNC butterfly risk and reward

Net Premium / Debit: -$250.00
Max Profit (per contract): $250.00
Max Loss (per contract): -$250.00
Breakeven(s): $62.50
Risk / Reward Ratio: 1.000

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.

SSNC butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SSNC. 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%	-$250.00
$13.89	-77.9%	-$250.00
$27.77	-55.8%	-$250.00
$41.64	-33.7%	-$250.00
$55.52	-11.5%	-$250.00
$69.40	+10.6%	+$250.00
$83.28	+32.7%	+$250.00
$97.15	+54.8%	+$250.00
$111.03	+76.9%	+$250.00
$124.91	+99.0%	+$250.00

When traders use butterfly on SSNC

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

SSNC thesis for this butterfly

The market-implied 1-standard-deviation range for SSNC extends from approximately $60.16 on the downside to $65.38 on the upside. A SSNC long call butterfly is a pinning play: it pays maximum at the middle strike if SSNC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SSNC IV rank near 1.50% 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 SSNC at 14.50%. As a Technology name, SSNC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SSNC-specific events.

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

Frequently asked questions

What is a butterfly on SSNC?: A butterfly on SSNC is the butterfly strategy applied to SSNC (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 SSNC stock trading near $62.77, the strikes shown on this page are snapped to the nearest listed SSNC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SSNC 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 SSNC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 14.50%), the computed maximum profit is $250.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SSNC butterfly?: The breakeven for the SSNC butterfly priced on this page is roughly $62.50 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 SSNC market-implied 1-standard-deviation expected move is approximately 4.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SSNC?: Butterflies on SSNC are pinning bets - traders use them when they expect SSNC 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 SSNC implied volatility affect this butterfly?: SSNC ATM IV is at 14.50% with IV rank near 1.50%, 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.