butterfly spread breakeven prices

[petercfa]

of the 2 breakeven prices for the butterfly spread, i cant figure out the 2nd… 2(mid-call) - Xlow-call - premiums, for the life of me. in my mind i feel like cheap call should appreciate until the price of the middle calls, before it gets called away.

 

[FinNinja]

The high breakeven is just the high strike minus the cost of the butterfly.
High Strike - (high call price + low call price - 2*mid call price)

 

[bos_IT_guy]

They way I remember it:
BE1 + X(L) + C(L) - 2C(MID) + C(H)
Go other direction and flip signs
BE2 = X(H) - C(L) + 2C(MDI) - C(H)
This assumes H/L calls are even distance from MID.

 

[petercfa]

wow, so basically low strike + premiums and high strike - premiums. u could have saved me 2 hours of my life

 

[cpk123]

pretty evident if you look at the diagram too.
it is a 45 degree line from the strike to the 0 profit line one backward from Hi Strike and one forward from the Low Strike.