ASUR Butterfly Strategy
ASUR (Asure Software, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Asure Software, Inc. provides cloud-based human capital management solutions the United States. It helps various small and mid-sized businesses to build productive teams to help them stay compliant and allocate resources to grow their business. The company's solutions include Asure Payroll & Tax, an integrated cloud-based solution automates regulations associated with payroll and taxes, including wages, benefits, overtime, garnishments, tips, direct deposits, and fair labor standard act, as well as federal, state, and local payroll taxes; Asure (human resource) HR, a cloud-based functionality that handles HR complexities, such as employee self-service that enable employees to access information, pay history, and company documents; and Asure Time & Attendance that provides cost savings and return on investment gains come in the form of strategic use of labor dollars and the elimination of time theft. It also provides HR services that offers services comprising on-demand HR resource library, phone and email support for any HR issues, and compliance and policy updates; support for strategic HR decision making; and HR outsourcing solution, as well as data integration with related third-party systems, such as 401(k), benefits, and insurance provider systems. Asure Software, Inc. was incorporated in 1985 and is headquartered in Austin, Texas.
ASUR (Asure Software, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $243.2M, a beta of 0.48 versus the broader market, a 52-week range of 6.8-11.48, average daily share volume of 116K, a public-listing history dating back to 1992, approximately 621 full-time employees. These structural characteristics shape how ASUR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.48 indicates ASUR 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 ASUR?
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 ASUR snapshot
As of May 15, 2026, spot at $8.52, ATM IV 40.20%, IV rank 18.45%, expected move 11.53%. The butterfly on ASUR 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 ASUR specifically: ASUR IV at 40.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a ASUR butterfly, with a market-implied 1-standard-deviation move of approximately 11.53% (roughly $0.98 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 ASUR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ASUR should anchor to the underlying notional of $8.52 per share and to the trader's directional view on ASUR stock.
ASUR butterfly setup
The ASUR 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 ASUR near $8.52, the first option leg uses a $8.09 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ASUR 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 ASUR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $8.09 | N/A |
| Sell 2 | Call | $8.52 | N/A |
| Buy 1 | Call | $8.95 | N/A |
ASUR 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.
ASUR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ASUR. 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 ASUR
Butterflies on ASUR are pinning bets - traders use them when they expect ASUR 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.
ASUR thesis for this butterfly
The market-implied 1-standard-deviation range for ASUR extends from approximately $7.54 on the downside to $9.50 on the upside. A ASUR long call butterfly is a pinning play: it pays maximum at the middle strike if ASUR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ASUR IV rank near 18.45% 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 ASUR at 40.20%. As a Technology name, ASUR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ASUR-specific events.
ASUR 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. ASUR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ASUR alongside the broader basket even when ASUR-specific fundamentals are unchanged. Always rebuild the position from current ASUR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ASUR?
- A butterfly on ASUR is the butterfly strategy applied to ASUR (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 ASUR stock trading near $8.52, the strikes shown on this page are snapped to the nearest listed ASUR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ASUR 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 ASUR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 40.20%), 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 ASUR butterfly?
- The breakeven for the ASUR 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 ASUR market-implied 1-standard-deviation expected move is approximately 11.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ASUR?
- Butterflies on ASUR are pinning bets - traders use them when they expect ASUR 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 ASUR implied volatility affect this butterfly?
- ASUR ATM IV is at 40.20% with IV rank near 18.45%, 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.