How are SU 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 SU butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 32.20%), the computed maximum profit is $200.85 per contract and the computed maximum loss is -$67.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SU butterfly?

The breakeven for the SU butterfly priced on this page is roughly $65.68 and $70.33 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 SU market-implied 1-standard-deviation expected move is approximately 9.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SU implied volatility affect this butterfly?

SU ATM IV is at 32.20% with IV rank near 57.34%, 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.

SU Butterfly Strategy

SU (Suncor Energy Inc.), in the Energy sector, (Oil & Gas Integrated industry), listed on NYSE.

Suncor Energy Inc. operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, transports, refines, and markets crude oil in Canada and internationally; markets petroleum and petrochemical products under the Petro-Canada name primarily in Canada. It operates through Oil Sands; Exploration and Production; Refining and Marketing; and Corporate and Eliminations segments. The Oil Sands segment recovers bitumen from mining and in situ operations, and upgrades it into refinery feedstock and diesel fuel, or blends the bitumen with diluent for direct sale to market. The Exploration and Production segment is involved in offshore operations off the east coast of Canada and in the North Sea; and operating onshore assets in Libya and Syria. The Refining and Marketing segment refines crude oil and intermediate feedstock into various petroleum and petrochemical products; and markets refined petroleum products to retail, commercial, and industrial customers through its other retail sellers.

SU (Suncor Energy Inc.) trades in the Energy sector, specifically Oil & Gas Integrated, with a market capitalization of approximately $78.42B, a trailing P/E of 17.02, a beta of 0.59 versus the broader market, a 52-week range of 34.67-70.29, average daily share volume of 4.8M, a public-listing history dating back to 1980, approximately 15K full-time employees. These structural characteristics shape how SU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.59 indicates SU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SU pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on SU?

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 SU snapshot

As of May 15, 2026, spot at $67.97, ATM IV 32.20%, IV rank 57.34%, expected move 9.23%. The butterfly on SU 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 28-day expiry.

Why this butterfly structure on SU specifically: SU IV at 32.20% 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 9.23% (roughly $6.27 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SU expiries trade a higher absolute premium for lower per-day decay. Position sizing on SU should anchor to the underlying notional of $67.97 per share and to the trader's directional view on SU stock.

SU butterfly setup

The SU 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 SU near $67.97, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SU chain at a 28-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 SU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$65.00	$4.15
Sell 2	Call	$68.00	$2.33
Buy 1	Call	$71.00	$1.18

SU butterfly risk and reward

Net Premium / Debit: -$67.50
Max Profit (per contract): $200.85
Max Loss (per contract): -$67.50
Breakeven(s): $65.68, $70.33
Risk / Reward Ratio: 2.976

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.

SU butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SU. 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%	-$67.50
$15.04	-77.9%	-$67.50
$30.06	-55.8%	-$67.50
$45.09	-33.7%	-$67.50
$60.12	-11.5%	-$67.50
$75.15	+10.6%	-$67.50
$90.17	+32.7%	-$67.50
$105.20	+54.8%	-$67.50
$120.23	+76.9%	-$67.50
$135.26	+99.0%	-$67.50

When traders use butterfly on SU

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

SU thesis for this butterfly

The market-implied 1-standard-deviation range for SU extends from approximately $61.70 on the downside to $74.24 on the upside. A SU long call butterfly is a pinning play: it pays maximum at the middle strike if SU settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SU IV rank near 57.34% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on SU should anchor more to the directional view and the expected-move geometry. As a Energy name, SU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SU-specific events.

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

Frequently asked questions

What is a butterfly on SU?: A butterfly on SU is the butterfly strategy applied to SU (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 SU stock trading near $67.97, the strikes shown on this page are snapped to the nearest listed SU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SU 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 SU butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 32.20%), the computed maximum profit is $200.85 per contract and the computed maximum loss is -$67.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SU butterfly?: The breakeven for the SU butterfly priced on this page is roughly $65.68 and $70.33 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 SU market-implied 1-standard-deviation expected move is approximately 9.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SU?: Butterflies on SU are pinning bets - traders use them when they expect SU 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 SU implied volatility affect this butterfly?: SU ATM IV is at 32.20% with IV rank near 57.34%, 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.