How are YOU 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 YOU butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.60%), the computed maximum profit is $300.00 per contract and the computed maximum loss is -$200.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a YOU butterfly?

The breakeven for the YOU butterfly priced on this page is roughly $56.80 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 YOU market-implied 1-standard-deviation expected move is approximately 15.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current YOU implied volatility affect this butterfly?

YOU ATM IV is at 52.60% with IV rank near 35.59%, 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.

YOU Butterfly Strategy

YOU (Clear Secure, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Clear Secure, Inc. provides a member-centric secure identity platform in the United States. The company's secure identity platform is a multi-layered infrastructure consisting of front-end, including enrollment, verification, and linking. It also offers CLEAR Plus, a consumer aviation subscription service, which enables access to predictable entry lanes in airport security checkpoints, as well as access to broader network; and CLEAR app, a consumer-facing digital product that facilitates new user enrollment and member engagement from their mobile device. In addition, the company provides Reserve powered by CLEAR, a virtual queuing technology that provides users with the choice of how they queue either at home or on the move; and Atlas Certified, an automated solution to verify professional licenses and certification data across industries by communicating with certifying organizations for on-demand, current, and trusted data. The company was founded in 2010 and is headquartered in New York, New York.

YOU (Clear Secure, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $5.59B, a trailing P/E of 32.63, a beta of 1.07 versus the broader market, a 52-week range of 23.88-61.68, average daily share volume of 1.9M, a public-listing history dating back to 2021, approximately 4K full-time employees. These structural characteristics shape how YOU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.07 places YOU roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. YOU pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on YOU?

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 YOU snapshot

As of May 15, 2026, spot at $58.60, ATM IV 52.60%, IV rank 35.59%, expected move 15.08%. The butterfly on YOU 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 63-day expiry.

Why this butterfly structure on YOU specifically: YOU IV at 52.60% 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 15.08% (roughly $8.84 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated YOU expiries trade a higher absolute premium for lower per-day decay. Position sizing on YOU should anchor to the underlying notional of $58.60 per share and to the trader's directional view on YOU stock.

YOU butterfly setup

The YOU 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 YOU near $58.60, the first option leg uses a $54.80 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed YOU chain at a 63-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 YOU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$54.80	$7.45
Sell 2	Call	$59.80	$5.45
Buy 1	Call	$59.80	$5.45

YOU butterfly risk and reward

Net Premium / Debit: -$200.00
Max Profit (per contract): $300.00
Max Loss (per contract): -$200.00
Breakeven(s): $56.80
Risk / Reward Ratio: 1.500

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.

YOU butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on YOU. 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%	-$200.00
$12.97	-77.9%	-$200.00
$25.92	-55.8%	-$200.00
$38.88	-33.7%	-$200.00
$51.83	-11.5%	-$200.00
$64.79	+10.6%	+$300.00
$77.74	+32.7%	+$300.00
$90.70	+54.8%	+$300.00
$103.66	+76.9%	+$300.00
$116.61	+99.0%	+$300.00

When traders use butterfly on YOU

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

YOU thesis for this butterfly

The market-implied 1-standard-deviation range for YOU extends from approximately $49.76 on the downside to $67.44 on the upside. A YOU long call butterfly is a pinning play: it pays maximum at the middle strike if YOU settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current YOU IV rank near 35.59% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on YOU should anchor more to the directional view and the expected-move geometry. As a Technology name, YOU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to YOU-specific events.

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

Frequently asked questions

What is a butterfly on YOU?: A butterfly on YOU is the butterfly strategy applied to YOU (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 YOU stock trading near $58.60, the strikes shown on this page are snapped to the nearest listed YOU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are YOU 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 YOU butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.60%), the computed maximum profit is $300.00 per contract and the computed maximum loss is -$200.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a YOU butterfly?: The breakeven for the YOU butterfly priced on this page is roughly $56.80 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 YOU market-implied 1-standard-deviation expected move is approximately 15.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on YOU?: Butterflies on YOU are pinning bets - traders use them when they expect YOU 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 YOU implied volatility affect this butterfly?: YOU ATM IV is at 52.60% with IV rank near 35.59%, 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.