A butterfly spread is an options strategy combining bull and bear spreads, with a fixed risk and capped profit. These spreads, involving either four calls, four puts or a combination, are intended as a market-neutral strategy and pay off the most if the underlying does not move prior to option expiration.

You have set up a butterfly spread on IBM stock by writing (selling) two call options at strike price $150, and also buying one call at strike price $130 and buying another call at strike price $170.

On maturity date the price of IBM is $154.0. What is your net payoff on maturity date? Only maturity date payoffs, you do not have to consider the money you received and paid in setting up the butterfly spread.