AYA Butterfly Strategy
AYA (Aya Gold & Silver Inc.), in the Basic Materials sector, (Silver industry), listed on NASDAQ.
Aya Gold & Silver Inc. specializes in the procurement, investigation, and enhancement of mineral-rich landholdings. Its diverse portfolio encompasses key sites such as Zgounder, Boumadine, Imiter bis, Amizmiz, Azegour, Tirzzit, and Tijirit, in addition to its reported reserves and resources. Réjean Gosselin established this enterprise on December 19, 2007, and its corporate headquarters are situated in Montreal, Canada.
AYA (Aya Gold & Silver Inc.) trades in the Basic Materials sector, specifically Silver, with a market capitalization of approximately $4.02B, a trailing P/E of 46.61, a beta of 1.70 versus the broader market, a 52-week range of 8.27-28.8799, average daily share volume of 470K, a public-listing history dating back to 2026, approximately 810 full-time employees. These structural characteristics shape how AYA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.70 indicates AYA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 46.61 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 AYA?
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.
AYA snapshot
As of August 14, 2026, spot at $25.84, ATM IV 73.90%, IV rank 63.47%, expected move 21.19%. The butterfly on AYA 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 AYA specifically: AYA IV at 73.90% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 21.19% (roughly $5.47 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 AYA expiries trade a higher absolute premium for lower per-day decay. Position sizing on AYA should anchor to the underlying notional of $25.84 per share and to the trader's directional view on AYA stock.
AYA butterfly setup
The AYA 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 AYA at $25.84 on that close, the first option leg uses a $24.55 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AYA 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 AYA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $24.55 | N/A |
| Sell 2 | Call | $25.84 | N/A |
| Buy 1 | Call | $27.13 | N/A |
AYA 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.
AYA butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on AYA. 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 AYA
Butterflies on AYA are pinning bets - traders use them when they expect AYA 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.
AYA thesis for this butterfly
The market-implied 1-standard-deviation range for AYA extends from approximately $20.37 on the downside to $31.31 on the upside. A AYA long call butterfly is a pinning play: it pays maximum at the middle strike if AYA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current AYA IV rank near 63.47% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on AYA should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, AYA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AYA-specific events.
AYA 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. AYA positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AYA alongside the broader basket even when AYA-specific fundamentals are unchanged. Always rebuild the position from current AYA chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on AYA?
- A butterfly on AYA is the butterfly strategy applied to AYA (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 AYA stock at $25.84 on the most recent close, the strikes shown on this page are snapped to the nearest listed AYA chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AYA 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 AYA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 73.90%), 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 AYA butterfly?
- The breakeven for the AYA 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 AYA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 21.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on AYA?
- Butterflies on AYA are pinning bets - traders use them when they expect AYA 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 AYA implied volatility affect this butterfly?
- AYA ATM IV is at 73.90% with IV rank near 63.47%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.