How are CAMT 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 CAMT butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 70.50%), the computed maximum profit is $839.73 per contract and the computed maximum loss is -$105.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CAMT butterfly?

The breakeven for the CAMT butterfly priced on this page is roughly $156.05 and $174.00 at expiration, derived from the August 14, 2026 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 CAMT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CAMT implied volatility affect this butterfly?

CAMT ATM IV is at 70.50% with IV rank near 30.12%, 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.

CAMT Butterfly Strategy

CAMT (Camtek Ltd.), in the Technology sector, (Semiconductors industry), listed on NASDAQ.

Camtek Ltd., operating with its subsidiaries, is dedicated to the development, manufacturing, and global distribution of advanced inspection and precision measurement tools. These critical systems serve a variety of specialized segments within the semiconductor industry, encompassing areas such as sophisticated interconnect packaging, memory components, CMOS image sensors, micro-electromechanical systems (MEMS), and radio frequency (RF) devices, among others. The company's product lineup includes key inspection and metrology platforms: Eagle-i: Provides two-dimensional (2D) inspection and measurement capabilities. Eagle-AP: Specifically designed for the advanced packaging sector, this system leverages innovative software and hardware to deliver superior 2D and 3D inspection and metrology functionalities from a single integrated platform. Golden Eagle: A dedicated panel inspection and metrology solution engineered to support fan-out wafer-level packaging applications. Camtek's market reach spans several key regions, including the Asia Pacific, the United States, and Europe, where it sells its innovative offerings.

CAMT (Camtek Ltd.) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $8.13B, a trailing P/E of 168.01, a beta of 1.59 versus the broader market, a 52-week range of 75.75-215.99, average daily share volume of 494K, a public-listing history dating back to 2000, approximately 709 full-time employees. These structural characteristics shape how CAMT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.59 indicates CAMT 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 168.01 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. CAMT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on CAMT?

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.

CAMT snapshot

As of August 14, 2026, spot at $164.72, ATM IV 70.50%, IV rank 30.12%, expected move 20.21%. The butterfly on CAMT below is built from the August 14, 2026 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 CAMT specifically: CAMT IV at 70.50% 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 20.21% (roughly $33.29 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 CAMT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CAMT should anchor to the underlying notional of $164.72 per share and to the trader's directional view on CAMT stock.

CAMT butterfly setup

The CAMT butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CAMT at $164.72 on that close, the first option leg uses a $155.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CAMT 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 CAMT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$155.00	$19.35
Sell 2	Call	$165.00	$14.25
Buy 1	Call	$175.00	$10.20

CAMT butterfly risk and reward

Net Premium / Debit: -$105.00
Max Profit (per contract): $839.73
Max Loss (per contract): -$105.00
Breakeven(s): $156.05, $174.00
Risk / Reward Ratio: 7.997

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.

CAMT butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CAMT. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$105.00
$36.43	-77.9%	-$105.00
$72.85	-55.8%	-$105.00
$109.27	-33.7%	-$105.00
$145.69	-11.6%	-$105.00
$182.11	+10.6%	-$105.00
$218.53	+32.7%	-$105.00
$254.95	+54.8%	-$105.00
$291.37	+76.9%	-$105.00
$327.78	+99.0%	-$105.00

When traders use butterfly on CAMT

Butterflies on CAMT are pinning bets - traders use them when they expect CAMT 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.

CAMT thesis for this butterfly

The market-implied 1-standard-deviation range for CAMT extends from approximately $131.43 on the downside to $198.01 on the upside. A CAMT long call butterfly is a pinning play: it pays maximum at the middle strike if CAMT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CAMT IV rank near 30.12% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CAMT should anchor more to the directional view and the expected-move geometry. As a Technology name, CAMT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CAMT-specific events.

CAMT 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. CAMT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CAMT alongside the broader basket even when CAMT-specific fundamentals are unchanged. Always rebuild the position from current CAMT chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on CAMT?: A butterfly on CAMT is the butterfly strategy applied to CAMT (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 CAMT stock at $164.72 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CAMT chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CAMT 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 CAMT butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 70.50%), the computed maximum profit is $839.73 per contract and the computed maximum loss is -$105.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CAMT butterfly?: The breakeven for the CAMT butterfly priced on this page is roughly $156.05 and $174.00 at expiration, derived from the August 14, 2026 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 CAMT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 20.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CAMT?: Butterflies on CAMT are pinning bets - traders use them when they expect CAMT 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 CAMT implied volatility affect this butterfly?: CAMT ATM IV is at 70.50% with IV rank near 30.12%, 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.