ANGO Butterfly Strategy
ANGO (AngioDynamics, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
AngioDynamics, Inc. specializes in the development, manufacturing, and commercialization of a diverse array of medical, surgical, and diagnostic instruments. These products are utilized by healthcare professionals to address conditions such as peripheral vascular disease, facilitate vascular access, and support various oncology and surgical interventions, serving both domestic and international markets. The company's portfolio includes advanced ablation systems like NanoKnife, designed for the precise surgical removal of soft tissues, and Solero microwave and radiofrequency systems, effective in ablating solid cancerous or benign growths. Additionally, they provide BioSentry tract sealant systems, IsoLoc Endorectal Balloons, Alatus vaginal balloon packing systems, angiographic catheters, guidewires, percutaneous drainage catheters, and coaxial micro-introducer kits. Their endovascular therapies segment encompasses solutions for thrombus management, atherectomy procedures, core peripheral products, and the treatment of venous insufficiency. Furthermore, AngioDynamics is a key supplier of vascular access devices, such as peripherally inserted central catheters (PICCs), midline catheters, implantable ports, and dialysis catheters, along with associated accessories.
ANGO (AngioDynamics, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $651.0M, a beta of 0.32 versus the broader market, a 52-week range of 8.65-16.11, average daily share volume of 440K, a public-listing history dating back to 2004, approximately 632 full-time employees. These structural characteristics shape how ANGO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.32 indicates ANGO has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on ANGO?
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.
ANGO snapshot
As of August 14, 2026, spot at $15.87, ATM IV 65.20%, IV rank 11.15%, expected move 18.69%. The butterfly on ANGO 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 ANGO specifically: ANGO IV at 65.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a ANGO butterfly, with a market-implied 1-standard-deviation move of approximately 18.69% (roughly $2.97 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 ANGO expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANGO should anchor to the underlying notional of $15.87 per share and to the trader's directional view on ANGO stock.
ANGO butterfly setup
The ANGO 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 ANGO at $15.87 on that close, the first option leg uses a $15.08 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANGO 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 ANGO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $15.08 | N/A |
| Sell 2 | Call | $15.87 | N/A |
| Buy 1 | Call | $16.66 | N/A |
ANGO 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.
ANGO butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ANGO. 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 ANGO
Butterflies on ANGO are pinning bets - traders use them when they expect ANGO 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.
ANGO thesis for this butterfly
The market-implied 1-standard-deviation range for ANGO extends from approximately $12.90 on the downside to $18.84 on the upside. A ANGO long call butterfly is a pinning play: it pays maximum at the middle strike if ANGO settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ANGO IV rank near 11.15% 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 ANGO at 65.20%. As a Healthcare name, ANGO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANGO-specific events.
ANGO 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. ANGO positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANGO alongside the broader basket even when ANGO-specific fundamentals are unchanged. Always rebuild the position from current ANGO chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ANGO?
- A butterfly on ANGO is the butterfly strategy applied to ANGO (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 ANGO stock at $15.87 on the most recent close, the strikes shown on this page are snapped to the nearest listed ANGO chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ANGO 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 ANGO butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 65.20%), 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 ANGO butterfly?
- The breakeven for the ANGO 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 ANGO market-implied 1-standard-deviation expected move in the same options snapshot is approximately 18.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ANGO?
- Butterflies on ANGO are pinning bets - traders use them when they expect ANGO 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 ANGO implied volatility affect this butterfly?
- ANGO ATM IV is at 65.20% with IV rank near 11.15%, 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.