The energetics of magnetovolume and magnetodistortive fluctuations of ordered Fe,Pt is examined using the LMTO-ASA method. It is shown that in the vicinity of low-volume nonmagnetic metastable state, distortive modes occur in the thermal range. We also discuss the Bain deformation path from the FCC to the BCC structure. (C) 1999 Elsevier Science B.V. All rights reserved.