How are SYRE 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 SYRE butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 76.60%), the computed maximum profit is $542.78 per contract and the computed maximum loss is $87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SYRE butterfly?

The breakeven for the SYRE butterfly priced on this page is no defined breakeven on the modeled curve 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 SYRE market-implied 1-standard-deviation expected move is approximately 21.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SYRE implied volatility affect this butterfly?

SYRE ATM IV is at 76.60% with IV rank near 11.52%, 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.

SYRE Butterfly Strategy

SYRE (Spyre Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Spyre Therapeutics, Inc. is a biotechnology firm operating at the preclinical stage, dedicated to creating innovative treatments for individuals afflicted with inflammatory bowel disease (IBD). Among its pipeline candidates is SPY001, a human monoclonal immunoglobulin G1 antibody specifically engineered to target and bind with the a4ß7 integrin. This particular therapy is under development for addressing both ulcerative colitis and Crohn's disease, two forms of IBD. Furthermore, Spyre Therapeutics is advancing SPY002, another human monoclonal antibody that aims to interact with tumor necrosis factor-like ligand 1A (TL1A). A synergistic approach is also being explored with SPY120, a compound that merges the anti-a4ß7 action of SPY001 with the anti-TL1A activity of SPY002. All these programs are currently undergoing preclinical evaluation.

SYRE (Spyre Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.31B, a beta of 3.06 versus the broader market, a 52-week range of 14-102.06, average daily share volume of 1.4M, a public-listing history dating back to 2016, approximately 73 full-time employees. These structural characteristics shape how SYRE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.06 indicates SYRE has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a butterfly on SYRE?

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 SYRE snapshot

As of June 29, 2026, spot at $90.00, ATM IV 76.60%, IV rank 11.52%, expected move 21.96%. The butterfly on SYRE 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 18-day expiry.

Why this butterfly structure on SYRE specifically: SYRE IV at 76.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a SYRE butterfly, with a market-implied 1-standard-deviation move of approximately 21.96% (roughly $19.76 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SYRE expiries trade a higher absolute premium for lower per-day decay. Position sizing on SYRE should anchor to the underlying notional of $90.00 per share and to the trader's directional view on SYRE stock.

SYRE butterfly setup

The SYRE 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 SYRE near $90.00, the first option leg uses a $85.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SYRE chain at a 18-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 SYRE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$85.00	$8.60
Sell 2	Call	$90.00	$6.50
Buy 1	Call	$95.00	$3.53

SYRE butterfly risk and reward

Net Premium / Debit: +$87.50
Max Profit (per contract): $542.78
Max Loss (per contract): $87.50
Breakeven(s): None on modeled curve
Risk / Reward Ratio: 6.203

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.

SYRE butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on SYRE. 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%	+$87.50
$19.91	-77.9%	+$87.50
$39.81	-55.8%	+$87.50
$59.71	-33.7%	+$87.50
$79.60	-11.6%	+$87.50
$99.50	+10.6%	+$87.50
$119.40	+32.7%	+$87.50
$139.30	+54.8%	+$87.50
$159.20	+76.9%	+$87.50
$179.10	+99.0%	+$87.50

When traders use butterfly on SYRE

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

SYRE thesis for this butterfly

The market-implied 1-standard-deviation range for SYRE extends from approximately $70.24 on the downside to $109.76 on the upside. A SYRE long call butterfly is a pinning play: it pays maximum at the middle strike if SYRE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SYRE IV rank near 11.52% 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 SYRE at 76.60%. As a Healthcare name, SYRE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SYRE-specific events.

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

Frequently asked questions

What is a butterfly on SYRE?: A butterfly on SYRE is the butterfly strategy applied to SYRE (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 SYRE stock trading near $90.00, the strikes shown on this page are snapped to the nearest listed SYRE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SYRE 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 SYRE butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 76.60%), the computed maximum profit is $542.78 per contract and the computed maximum loss is $87.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SYRE butterfly?: The breakeven for the SYRE butterfly priced on this page is no defined breakeven on the modeled curve 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 SYRE market-implied 1-standard-deviation expected move is approximately 21.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on SYRE?: Butterflies on SYRE are pinning bets - traders use them when they expect SYRE 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 SYRE implied volatility affect this butterfly?: SYRE ATM IV is at 76.60% with IV rank near 11.52%, 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.