Long Call Butterfly
A long call butterfly is an options strategy that is created by purchasing a call option at a lower strike price, selling two call options at a middle strike price, and purchasing another call option at a higher strike price, all with the same expiration date. This strategy is used when an investor believes that the underlying asset will stay within a certain price range until the options expire.
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Options
| Action | Qty | Expiration Date | Strike | Type | Price | Delta | IV | |||||||||
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| RIVN | RIVN Leg 1 |
Action
Qty
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Expiration Date
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Strike
Type
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Price
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Delta
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IV
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| RIVN | RIVN Leg 2 |
Action
Qty
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Expiration Date
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Strike
Type
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Price
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Delta
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IV
%
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| RIVN | RIVN Leg 3 |
Action
Qty
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Expiration Date
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Strike
Type
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Price
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Delta
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IV
%
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Trade Information
Long Call Butterfly
BUY +1 RIVN Dec 11, 2026 14.50 call @$0.37
SELL -2 RIVN Dec 11, 2026 13.00 call @$0.80
BUY +1 RIVN Dec 11, 2026 12.00 call @$1.34
Stock
RIVN Current Price
$12.86 USD
RIVN Breakeven Price
Between $12.11 and $13.89
Trade Details
Cost of Trade
$11.00 USD
Maximum Profit
$89.00
Maximum Loss
-$61.00
CVaR
Probability Analysis
Probability of Profit (PoP)
Probability of Max Profit
Probability of Max Loss
Risk Reward Analysis
Expected Value (EV)
Expected Return (EV/risk)
Reward/Risk
Position Greeks
Delta (Δ)
Gamma (Γ)
Theta (Θ)
Vega (ν)