AIRS Butterfly Strategy
AIRS (AirSculpt Technologies, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
AirSculpt Technologies, Inc., together with its subsidiaries, focuses on operating as a holding company for EBS Intermediate Parent LLC that provides body contouring procedure services in the United States. It offers custom body contouring using its AirSculpt procedure that removes unwanted fat in a minimally invasive procedure. The company provides fat removal procedures across treatment areas; and fat transfer procedures that use the patient's own fat cells to enhance the breasts, buttocks, hips, or other areas. Its body contouring procedures also include the Power BBL, a Brazilian butt lift procedure; the Up a Cup, a breast enhancement procedure; and the Hip Flip, an hourglass contouring procedure. As of March 10, 2022, it operated 19 centers across 15 states. AirSculpt Technologies, Inc. was founded in 2012 and is headquartered in Miami Beach, Florida.
AIRS (AirSculpt Technologies, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $328.7M, a beta of 2.02 versus the broader market, a 52-week range of 1.51-12, average daily share volume of 2.8M, a public-listing history dating back to 2021, approximately 389 full-time employees. These structural characteristics shape how AIRS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.02 indicates AIRS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on AIRS?
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.
Current AIRS snapshot
As of May 15, 2026, spot at $4.71, ATM IV 168.10%, IV rank 42.19%, expected move 48.19%. The butterfly on AIRS below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this butterfly structure on AIRS specifically: AIRS IV at 168.10% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 48.19% (roughly $2.27 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AIRS expiries trade a higher absolute premium for lower per-day decay. Position sizing on AIRS should anchor to the underlying notional of $4.71 per share and to the trader's directional view on AIRS stock.
AIRS butterfly setup
The AIRS 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 AIRS near $4.71, the first option leg uses a $4.47 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AIRS chain at a 34-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 AIRS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $4.47 | N/A |
| Sell 2 | Call | $4.71 | N/A |
| Buy 1 | Call | $4.95 | N/A |
AIRS 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.
AIRS butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on AIRS. 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 AIRS
Butterflies on AIRS are pinning bets - traders use them when they expect AIRS 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.
AIRS thesis for this butterfly
The market-implied 1-standard-deviation range for AIRS extends from approximately $2.44 on the downside to $6.98 on the upside. A AIRS long call butterfly is a pinning play: it pays maximum at the middle strike if AIRS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current AIRS IV rank near 42.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on AIRS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, AIRS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AIRS-specific events.
AIRS 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. AIRS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AIRS alongside the broader basket even when AIRS-specific fundamentals are unchanged. Always rebuild the position from current AIRS chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on AIRS?
- A butterfly on AIRS is the butterfly strategy applied to AIRS (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 AIRS stock trading near $4.71, the strikes shown on this page are snapped to the nearest listed AIRS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AIRS 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 AIRS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 168.10%), 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 AIRS butterfly?
- The breakeven for the AIRS butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AIRS market-implied 1-standard-deviation expected move is approximately 48.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on AIRS?
- Butterflies on AIRS are pinning bets - traders use them when they expect AIRS 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 AIRS implied volatility affect this butterfly?
- AIRS ATM IV is at 168.10% with IV rank near 42.19%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.