ASTH Butterfly Strategy
ASTH (Astrana Health, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
Astrana Health, Inc., which rebranded from Apollo Medical Holdings, Inc. in February 2024, is a healthcare management firm based in Alhambra, California, founded in 1985. This company delivers medical services throughout the United States, operating with a physician-centered approach powered by advanced technology. Its operations are structured across three distinct divisions: Care Partners, Care Delivery, and Care Enablement. Astrana Health utilizes its exclusive platform for population health management and healthcare delivery to implement an integrated, value-based care model. This strategic approach empowers the healthcare providers within its network to offer high-quality care to their patients. The organization provides extensive care coordination services to a broad spectrum of stakeholders, including patients, their families, primary care physicians, specialists, acute care hospitals, other inpatient facilities, physician groups, and health plans.
ASTH (Astrana Health, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.77B, a trailing P/E of 43.35, a beta of 0.90 versus the broader market, a 52-week range of 18.08-51.6, average daily share volume of 566K, a public-listing history dating back to 2009, approximately 3K full-time employees. These structural characteristics shape how ASTH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.90 places ASTH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 43.35 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a butterfly on ASTH?
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.
ASTH snapshot
As of August 14, 2026, spot at $40.56, ATM IV 61.20%, IV rank 12.65%, expected move 17.55%. The butterfly on ASTH 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 ASTH specifically: ASTH IV at 61.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a ASTH butterfly, with a market-implied 1-standard-deviation move of approximately 17.55% (roughly $7.12 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 ASTH expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASTH should anchor to the underlying notional of $40.56 per share and to the trader's directional view on ASTH stock.
ASTH butterfly setup
The ASTH 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 ASTH at $40.56 on that close, the first option leg uses a $38.53 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASTH 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 ASTH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $38.53 | N/A |
| Sell 2 | Call | $40.56 | N/A |
| Buy 1 | Call | $42.59 | N/A |
ASTH 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.
ASTH butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ASTH. 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 ASTH
Butterflies on ASTH are pinning bets - traders use them when they expect ASTH 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.
ASTH thesis for this butterfly
The market-implied 1-standard-deviation range for ASTH extends from approximately $33.44 on the downside to $47.68 on the upside. A ASTH long call butterfly is a pinning play: it pays maximum at the middle strike if ASTH settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ASTH IV rank near 12.65% 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 ASTH at 61.20%. As a Healthcare name, ASTH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASTH-specific events.
ASTH 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. ASTH positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASTH alongside the broader basket even when ASTH-specific fundamentals are unchanged. Always rebuild the position from current ASTH chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ASTH?
- A butterfly on ASTH is the butterfly strategy applied to ASTH (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 ASTH stock at $40.56 on the most recent close, the strikes shown on this page are snapped to the nearest listed ASTH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ASTH 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 ASTH butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 61.20%), 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 ASTH butterfly?
- The breakeven for the ASTH 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 ASTH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 17.55%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ASTH?
- Butterflies on ASTH are pinning bets - traders use them when they expect ASTH 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 ASTH implied volatility affect this butterfly?
- ASTH ATM IV is at 61.20% with IV rank near 12.65%, 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.