AVR Butterfly Strategy
AVR (Anteris Technologies Global Corp.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Anteris Technologies Global Corp. is a structural heart innovator dedicated to discovering, developing, and bringing to market medical devices that enhance the well-being of patients grappling with aortic stenosis. The company's premier offering is the DurAVR transcatheter heart valve system, a pioneering transcatheter aortic valve engineered to treat aortic stenosis by precisely emulating the performance of a healthy human aortic valve. Beyond this, Anteris develops ADAPT anti-calcification tissue, a unique preparation that transforms xenograft tissue into robust bioscaffolds. These bioscaffolds are designed to simulate human tissue for various surgical repairs, notably in aortic valve replacement. Additionally, the ComASUR delivery system, a physician-designed balloon-expandable apparatus, features a reinforced, steerable catheter. This allows for highly accurate navigation through cardiac anatomy in a controlled manner, thereby mitigating potential damage to the aorta.
AVR (Anteris Technologies Global Corp.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $356.5M, a beta of 0.73 versus the broader market, a 52-week range of 2.85-10.56, average daily share volume of 1.1M, a public-listing history dating back to 2024, approximately 136 full-time employees. These structural characteristics shape how AVR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places AVR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on AVR?
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 AVR snapshot
As of June 30, 2026, spot at $9.73, ATM IV 84.20%, IV rank 24.59%, expected move 24.14%. The butterfly on AVR 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 17-day expiry.
Why this butterfly structure on AVR specifically: AVR IV at 84.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a AVR butterfly, with a market-implied 1-standard-deviation move of approximately 24.14% (roughly $2.35 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AVR expiries trade a higher absolute premium for lower per-day decay. Position sizing on AVR should anchor to the underlying notional of $9.73 per share and to the trader's directional view on AVR stock.
AVR butterfly setup
The AVR 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 AVR near $9.73, the first option leg uses a $9.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AVR chain at a 17-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 AVR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $9.24 | N/A |
| Sell 2 | Call | $9.73 | N/A |
| Buy 1 | Call | $10.22 | N/A |
AVR 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.
AVR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on AVR. 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 AVR
Butterflies on AVR are pinning bets - traders use them when they expect AVR 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.
AVR thesis for this butterfly
The market-implied 1-standard-deviation range for AVR extends from approximately $7.38 on the downside to $12.08 on the upside. A AVR long call butterfly is a pinning play: it pays maximum at the middle strike if AVR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current AVR IV rank near 24.59% 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 AVR at 84.20%. As a Healthcare name, AVR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AVR-specific events.
AVR 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. AVR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AVR alongside the broader basket even when AVR-specific fundamentals are unchanged. Always rebuild the position from current AVR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on AVR?
- A butterfly on AVR is the butterfly strategy applied to AVR (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 AVR stock trading near $9.73, the strikes shown on this page are snapped to the nearest listed AVR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AVR 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 AVR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 84.20%), 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 AVR butterfly?
- The breakeven for the AVR 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 AVR market-implied 1-standard-deviation expected move is approximately 24.14%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on AVR?
- Butterflies on AVR are pinning bets - traders use them when they expect AVR 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 AVR implied volatility affect this butterfly?
- AVR ATM IV is at 84.20% with IV rank near 24.59%, 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.