ANGX Butterfly Strategy
ANGX (Angel Studios, Inc.), in the Communication Services sector, (Entertainment industry), listed on NYSE.
Angel Studios, Inc. produce and distribute films and television shows by creators through its streaming platform. The company's platform allows users to watch movies, shows, and documentaries for all ages. In addition, the company sells physical media, such as DVD, Blu-ray discs, and various books online; and provides content licensing services. The platform allows fans to invest in and promote productions, fostering a community-driven approach to content creation. Angel Studios, Inc. was formerly known as VidAngel, Inc. and changed its name to Angel Studios, Inc. in March 2021. The company was founded in 2013 and is based in Provo, Utah.
ANGX (Angel Studios, Inc.) trades in the Communication Services sector, specifically Entertainment, with a market capitalization of approximately $460.9M, a beta of 0.05 versus the broader market, a 52-week range of 2.05-20.385, average daily share volume of 1.7M, a public-listing history dating back to 2025, approximately 219 full-time employees. These structural characteristics shape how ANGX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.05 indicates ANGX 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 ANGX?
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 ANGX snapshot
As of May 15, 2026, spot at $2.72, ATM IV 73.00%, IV rank 14.81%, expected move 20.93%. The butterfly on ANGX 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 ANGX specifically: ANGX IV at 73.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a ANGX butterfly, with a market-implied 1-standard-deviation move of approximately 20.93% (roughly $0.57 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 ANGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ANGX should anchor to the underlying notional of $2.72 per share and to the trader's directional view on ANGX stock.
ANGX butterfly setup
The ANGX 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 ANGX near $2.72, the first option leg uses a $2.58 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ANGX 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 ANGX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.58 | N/A |
| Sell 2 | Call | $2.72 | N/A |
| Buy 1 | Call | $2.86 | N/A |
ANGX 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.
ANGX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ANGX. 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 ANGX
Butterflies on ANGX are pinning bets - traders use them when they expect ANGX 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.
ANGX thesis for this butterfly
The market-implied 1-standard-deviation range for ANGX extends from approximately $2.15 on the downside to $3.29 on the upside. A ANGX long call butterfly is a pinning play: it pays maximum at the middle strike if ANGX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ANGX IV rank near 14.81% 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 ANGX at 73.00%. As a Communication Services name, ANGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ANGX-specific events.
ANGX 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. ANGX positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ANGX alongside the broader basket even when ANGX-specific fundamentals are unchanged. Always rebuild the position from current ANGX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ANGX?
- A butterfly on ANGX is the butterfly strategy applied to ANGX (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 ANGX stock trading near $2.72, the strikes shown on this page are snapped to the nearest listed ANGX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ANGX 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 ANGX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 73.00%), 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 ANGX butterfly?
- The breakeven for the ANGX 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 ANGX market-implied 1-standard-deviation expected move is approximately 20.93%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ANGX?
- Butterflies on ANGX are pinning bets - traders use them when they expect ANGX 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 ANGX implied volatility affect this butterfly?
- ANGX ATM IV is at 73.00% with IV rank near 14.81%, 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.