Butterflies & Condors Calculators
Iron Condor
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Iron Butterfly
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Butterfly Spread
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Broken-Wing Butterfly
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Long Condor Spread
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Long Iron Butterfly
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Short Butterfly
P&L analysis
Limited-risk strategy with max profit / max loss / breakeven outputs.
Calculate →Multi-leg neutral and limited-risk strategies: iron condor, iron butterfly, butterfly spread, broken-wing butterfly, long condor, long iron butterfly, short butterfly.
When to use these calculators
Butterflies and condors are limited-risk, limited-reward strategies designed for specific price targets. The iron family uses calls and puts together; the standard butterflies and condors use one option type.
All calculators on this page are EDUCATIONAL tools, not financial advice. Verify P&L numbers against your broker's risk tool before trading.
Frequently Asked Questions
- How accurate is the calculator?
- The calculator uses standard textbook formulas (Black-Scholes for pricing, geometric P&L for spread strategies). For pricing-sensitive trades, the result is informational; brokerages may use proprietary models with slight differences. Always verify with your broker before entering a live trade.
- Is this advice to enter a trade?
- No. These calculators are educational tools that compute the standard math behind options strategies. They are NOT financial advice. Always consult your own analysis, broker tools, and a qualified financial advisor before entering a trade.
- What's the difference between this and my broker's P&L tool?
- Brokers often have proprietary risk models and use real-time data; these calculators use textbook formulas with user-provided inputs. They produce equivalent results for most standard strategies. Differences emerge in non-standard situations: early-assignment scenarios, dividends, hard-to-borrow stocks, after-hours pricing.