ACNB Butterfly Strategy
ACNB (ACNB Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
ACNB Corporation operates as a financial holding company, offering a comprehensive suite of banking, insurance, and financial services to a diverse clientele including individuals, businesses, and government entities across the United States. Its banking segment provides a range of deposit products such as checking, savings, money market, and time accounts, along with debit cards. The company is also a significant lender, furnishing commercial products like mortgages, real estate development and construction financing, accounts receivable and inventory loans, and agricultural and governmental funding. For individual consumers, it supplies home equity loans and lines of credit, automotive and recreational vehicle loans, manufactured housing loans, and personal lines of credit. Mortgage programs encompass personal residential, construction, and investment properties. Beyond traditional banking, ACNB delivers extensive wealth management and trust services, acting as a trustee to oversee, manage, and distribute financial assets for testamentary, life insurance, and charitable remainder trusts, as well as guardianships, powers of attorney, custodial accounts, and investment advisory and management services.
ACNB (ACNB Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $658.9M, a trailing P/E of 12.02, a beta of 0.86 versus the broader market, a 52-week range of 42.52-65.94, average daily share volume of 69K, a public-listing history dating back to 1994, approximately 519 full-time employees. These structural characteristics shape how ACNB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.86 places ACNB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ACNB pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on ACNB?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
ACNB snapshot
As of August 14, 2026, spot at $64.86, ATM IV 30.90%, IV rank 13.43%, expected move 8.86%. The butterfly on ACNB below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on ACNB specifically: ACNB IV at 30.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a ACNB butterfly, with a market-implied 1-standard-deviation move of approximately 8.86% (roughly $5.75 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ACNB expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACNB should anchor to the underlying notional of $64.86 per share and to the trader's directional view on ACNB stock.
ACNB butterfly setup
The ACNB butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACNB at $64.86 on that close, the first option leg uses a $61.62 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACNB chain at a 35-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ACNB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $61.62 | N/A |
| Sell 2 | Call | $64.86 | N/A |
| Buy 1 | Call | $68.10 | N/A |
ACNB butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
ACNB butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ACNB. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use butterfly on ACNB
Butterflies on ACNB are pinning bets - traders use them when they expect ACNB to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
ACNB thesis for this butterfly
The market-implied 1-standard-deviation range for ACNB extends from approximately $59.11 on the downside to $70.61 on the upside. A ACNB long call butterfly is a pinning play: it pays maximum at the middle strike if ACNB settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ACNB IV rank near 13.43% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ACNB at 30.90%. As a Financial Services name, ACNB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACNB-specific events.
ACNB butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ACNB positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ACNB alongside the broader basket even when ACNB-specific fundamentals are unchanged. Always rebuild the position from current ACNB chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ACNB?
- A butterfly on ACNB is the butterfly strategy applied to ACNB (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With ACNB stock at $64.86 on the most recent close, the strikes shown on this page are snapped to the nearest listed ACNB chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ACNB butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the ACNB butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 30.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ACNB butterfly?
- The breakeven for the ACNB butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ACNB market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ACNB?
- Butterflies on ACNB are pinning bets - traders use them when they expect ACNB to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current ACNB implied volatility affect this butterfly?
- ACNB ATM IV is at 30.90% with IV rank near 13.43%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.