A tent-shaped payoff around a single strike is actually the signature of a calendar spread too, and given only one strike (716C) is shown with a single date tag (8/31), that's the better read: this is a long calendar call spread (a.k.a. horizontal or time spread), not a butterfly. Let me correct the explanation. What a Calendar Call Spread Actually Is Unlike a butterfly (three strikes, same expiration), a calendar spread uses one strike, two different expirations : Sell 1 call at the $716 strike, expiring near-term (8/31 — the date shown on your chart) Buy 1 call at the same $716 strike, expiring later (a future date, not shown on this snapshot) You collect premium from the short-dated call you sell and pay more for the longer-dated call you buy (since it has more time value), so the position costs you a net debit — your $100.50 . Why the Payoff Still Looks Like a Tent The chart you're looking at shows the position's value at the near-term expiration (8/31) — t...