Tools for screening or building butterfly-spread structures

Butterfly software lets you screen a universe for long or short butterflies (and iron butterflies where named), or build those multi-leg payoff structures by hand. Typical pieces include a body strike with wings, debit paid or credit received, listed max gain and loss where defined, breakevens, and Greeks. Neighboring multi-leg templates (condors, calendars, ratio spreads) may sit on the same seat.

This job is structure lookup and construction. A screened butterfly is not a recommendation. A builder does not tell you the trade will make money. We do not rank butterfly “ideas.”

Use this job when you want to find or draw a butterfly / iron-butterfly payoff and understand the diagram. Execution still happens at a broker. Broader multi-leg diagrams without a butterfly-first screen live on visualize an options payoff.

How to use this list

Pick by fit: named butterfly / iron-butterfly screens versus a payoff builder that already assembles those structures, monthly dollars you can confirm on the vendor page. A listing is a job match, not a ranking. Prices below come from each tool’s verified offers on the FTT review. Confirm on the vendor site before you pay. Tools with empty affiliate_url keep an official CTA on the review page.

The grid at the bottom of this page is the catalog membership for this job. The numbered section is the live reviews whose product story honestly names butterfly screens or butterfly / multi-leg builders.

Tools for this job

1. Market Chameleon

Browser options analytics whose live Premium nav labels butterflies and iron butterflies beside verticals, calendars, iron condors, covered calls, naked puts, and a multi-leg trade screener. Free Starter is $0 (nav label; feature matrix beyond the label is unverified without login). Verified paid offer: Premium / Total Access $99/mo with a 7-day trial. Fits people who want a browser screener seat that already names butterfly / iron-butterfly surfaces. Skip if you need a live unusual-options tape as the primary job, a broker, a verified Canadian-listed chain, or a published annual dollar (unverified on the pages we captured). Empty affiliate_url → official CTA. A screened butterfly is still a candidate list, not a pick from this directory. See also Market Chameleon alternatives.

2. Option Samurai

US options strategy scanner with predefined scans that official pages name among 24+ strategies, including butterflies beside covered calls, bull/bear call and put spreads, iron condors, calendars, and related structures — plus an optimal butterfly screener on the features block we captured. Verified Yearly-view offers: Beginner $35/mo and Advanced $50/mo when paid annually; 14-day free trial, no credit card. Fits traders who want strategy scans that already name butterflies on one seat. Skip if you need a dedicated live flow firehose, Option Samurai to be the broker, verified Canadian-listed coverage, or confirmed monthly-billing dollars without opening the pricing toggle. Empty affiliate_url → official CTA. See also Option Samurai alternatives.

3. Options Profit Calculator

Form-driven browser P/L calculator with a named Butterfly template under Advanced strategies (beside Iron Condor, Collar, Diagonal, Straddle, Strangle, and custom 2–8 legs). Free is $0. Verified offers: Starter $9.95/mo (ads-only on signup copy we captured); Pro $14.95/mo and Growth $49.95/mo on OPCalc+ checkout. Fits traders who want a free named-template butterfly diagram, including a documented Montréal Exchange .to path on the vendor blog. Skip if you need drag-a-strike interactivity, a live unusual-flow tape, or verified live (non-delayed) exchange data today (membership: real-time still “Coming soon”). Empty affiliate_url → official CTA.

4. OptionStrat

Browser strategy builder for drawing estimated P/L on multi-leg structures; official pages describe more than 50 pre-made strategy templates and custom multi-leg / multi-expiration structures with debit/credit, listed max profit/loss, and breakevens. Free is $0 (15-minute delayed, limited access). Paid offers in frontmatter: Live Tools $39.99, Live Flow $99.99 (USD/mo). Fits people who want to build and study the shape of a multi-leg butterfly-style payoff before they screen elsewhere — not a dedicated butterfly candidate scanner. The live review does not name a dedicated “Butterfly” template label the way Options Profit Calculator or Market Chameleon do. Skip if you need OptionStrat to be the broker, a verified Canadian-listed chain, or a pure income-screener seat as the only job. See also OptionStrat alternatives.

Compare pages (not rankings)

Payoff vs flow (not a ranking): OptionStrat vs Unusual Whales — strategy-builder diagram vs unusual-options flow tape. A butterfly screen or builder is a third job; people searching that pair are often mixing diagram and tape, not a multi-leg structure filter.

Four-way flow split (not a ranking): Unusual Whales vs Cheddar Flow vs Tradytics vs Quant Data — tape packaging. Useful when you confused a butterfly name list with a live unusual-options feed.

Also in this job (newer / not fully reviewed yet)

FTT has not published stub-only directory entries tagged for this job. Official links only appear here when we have an unreviewed product story to point at — none for this wave. Tagged live tools that do not center a dedicated butterfly screen stay under Related below. No invented prices.

Related jobs / adjacent (not the same job)

These help next to a butterfly screen or builder. They are not substitutes for a named butterfly screen or Butterfly template unless the review says they also run that surface.

• Options Matrix Pro — Live Visualizer plus Matrix / journal on Pro; scanners on All Access. Tagged for this job; the live review does not name a dedicated butterfly screener — treat as a visualizer / income-scanner seat you can also model multi-leg structures on. Verified monthly: Visualizer $10, Pro $30, All Access $50. See also Options Matrix Pro alternatives.
• Screen or build iron condors — Four-leg short-premium condors; neighboring multi-leg job, not the same butterfly body/wings framing.
• Screen or build credit spreads — Short-premium verticals; different structure from a butterfly.
• Screen or build debit spreads — Directional debit verticals.
• Visualize an options payoff — Draw the structure after you have a candidate (broader diagram job).
• Use a broker — Custody and order routing. A broker is not a butterfly ranking.

Canadian readers: most public butterfly scanners and builders are built around US-listed / OPRA options. Montréal Exchange or other Canadian-listed coverage is unverified unless a review says otherwise (Options Profit Calculator documents an MX .to path on an official blog post).