How are WYNN 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 WYNN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 36.77%), the computed maximum profit is $298.84 per contract and the computed maximum loss is -$169.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WYNN butterfly?

The breakeven for the WYNN butterfly priced on this page is roughly $93.69 and $100.31 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 WYNN market-implied 1-standard-deviation expected move is approximately 10.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WYNN implied volatility affect this butterfly?

WYNN ATM IV is at 36.77% with IV rank near 33.75%, 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.

WYNN Butterfly Strategy

WYNN (Wynn Resorts, Limited), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NASDAQ.

Wynn Resorts, Limited excels in the conceptualization, development, and operation of upscale integrated resort properties. The Wynn Palace, situated in Cotai, boasts a gaming floor spanning 424,000 square feet, which includes 323 table games, 1,035 slot machines, exclusive private gaming salons, and sky casinos. Accommodations are offered in a luxurious hotel tower featuring 1,706 guest rooms, suites, and villas, complemented by a health club, spa, salon, and swimming pool. This location further provides 14 distinct food and beverage establishments, 107,000 square feet for retail, 37,000 square feet of conference and event space, alongside a performance lake and elaborate floral displays. The Wynn Macau resort presents a 252,000 square-foot casino housing 331 table games, 818 slot machines, private gaming salons, sky casinos, and a dedicated poker room. Its two opulent hotel towers collectively feature 1,010 guest rooms and suites, enhanced by two health clubs, two spas, a salon, and a swimming pool.

WYNN (Wynn Resorts, Limited) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $10.42B, a trailing P/E of 27.61, a beta of 0.98 versus the broader market, a 52-week range of 92.75-134.72, average daily share volume of 1.5M, a public-listing history dating back to 2002, approximately 28K full-time employees. These structural characteristics shape how WYNN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.98 places WYNN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WYNN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on WYNN?

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 WYNN snapshot

As of June 30, 2026, spot at $96.83, ATM IV 36.77%, IV rank 33.75%, expected move 10.54%. The butterfly on WYNN 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 31-day expiry.

Why this butterfly structure on WYNN specifically: WYNN IV at 36.77% 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 10.54% (roughly $10.21 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WYNN expiries trade a higher absolute premium for lower per-day decay. Position sizing on WYNN should anchor to the underlying notional of $96.83 per share and to the trader's directional view on WYNN stock.

WYNN butterfly setup

The WYNN 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 WYNN near $96.83, the first option leg uses a $92.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WYNN chain at a 31-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 WYNN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$92.00	$8.13
Sell 2	Call	$97.00	$4.35
Buy 1	Call	$102.00	$2.27

WYNN butterfly risk and reward

Net Premium / Debit: -$169.00
Max Profit (per contract): $298.84
Max Loss (per contract): -$169.00
Breakeven(s): $93.69, $100.31
Risk / Reward Ratio: 1.768

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.

WYNN butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on WYNN. 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%	-$169.00
$21.42	-77.9%	-$169.00
$42.83	-55.8%	-$169.00
$64.24	-33.7%	-$169.00
$85.64	-11.6%	-$169.00
$107.05	+10.6%	-$169.00
$128.46	+32.7%	-$169.00
$149.87	+54.8%	-$169.00
$171.28	+76.9%	-$169.00
$192.69	+99.0%	-$169.00

When traders use butterfly on WYNN

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

WYNN thesis for this butterfly

The market-implied 1-standard-deviation range for WYNN extends from approximately $86.62 on the downside to $107.04 on the upside. A WYNN long call butterfly is a pinning play: it pays maximum at the middle strike if WYNN settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current WYNN IV rank near 33.75% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on WYNN should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, WYNN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WYNN-specific events.

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

Frequently asked questions

What is a butterfly on WYNN?: A butterfly on WYNN is the butterfly strategy applied to WYNN (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 WYNN stock trading near $96.83, the strikes shown on this page are snapped to the nearest listed WYNN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WYNN 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 WYNN butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 36.77%), the computed maximum profit is $298.84 per contract and the computed maximum loss is -$169.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WYNN butterfly?: The breakeven for the WYNN butterfly priced on this page is roughly $93.69 and $100.31 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 WYNN market-implied 1-standard-deviation expected move is approximately 10.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on WYNN?: Butterflies on WYNN are pinning bets - traders use them when they expect WYNN 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 WYNN implied volatility affect this butterfly?: WYNN ATM IV is at 36.77% with IV rank near 33.75%, 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.