CCBG Butterfly Strategy
CCBG (Capital City Bank Group, Inc.), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Capital City Bank Group, Inc. operates as the financial holding company for Capital City Bank that provides a range of banking and banking-related services to individual and corporate clients. The company offers financing for commercial business properties, equipment, inventories, and accounts receivable, as well as commercial leasing and letters of credit; treasury management services; and merchant credit card transaction processing services. It also provides commercial and residential real estate lending products, as well as fixed- and adjustable-rate residential mortgage loans; personal, automobile, boat/RV, and home equity loans; and credit card programs. In addition, the company offers institutional banking services, including customized checking and savings accounts, cash management systems, tax-exempt loans, lines of credit, and term loans to meet the needs of state and local governments, public schools and colleges, charities, membership, and not-for-profit associations. Further, it provides consumer banking services comprising checking accounts, savings programs, interactive/automated teller machines, debit/credit cards, night deposit services, safe deposit facilities, and online and mobile banking services. Additionally, the company provides asset management for individuals through agency, personal trust, IRA, and personal investment management accounts; and various retail securities products, such as the U.S. government bonds, tax-free municipal bonds, stocks, mutual funds, unit investment trusts, annuities, life insurance, and long-term health care.
CCBG (Capital City Bank Group, Inc.) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $783.8M, a trailing P/E of 12.97, a beta of 0.35 versus the broader market, a 52-week range of 35.94-48.78, average daily share volume of 101K, a public-listing history dating back to 1994, approximately 940 full-time employees. These structural characteristics shape how CCBG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.35 indicates CCBG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. CCBG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on CCBG?
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 CCBG snapshot
As of May 15, 2026, spot at $45.49, ATM IV 49.50%, IV rank 15.93%, expected move 14.19%. The butterfly on CCBG 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 CCBG specifically: CCBG IV at 49.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a CCBG butterfly, with a market-implied 1-standard-deviation move of approximately 14.19% (roughly $6.46 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 CCBG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCBG should anchor to the underlying notional of $45.49 per share and to the trader's directional view on CCBG stock.
CCBG butterfly setup
The CCBG 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 CCBG near $45.49, the first option leg uses a $43.22 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCBG 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 CCBG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $43.22 | N/A |
| Sell 2 | Call | $45.49 | N/A |
| Buy 1 | Call | $47.76 | N/A |
CCBG 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.
CCBG butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CCBG. 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 CCBG
Butterflies on CCBG are pinning bets - traders use them when they expect CCBG 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.
CCBG thesis for this butterfly
The market-implied 1-standard-deviation range for CCBG extends from approximately $39.03 on the downside to $51.95 on the upside. A CCBG long call butterfly is a pinning play: it pays maximum at the middle strike if CCBG settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CCBG IV rank near 15.93% 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 CCBG at 49.50%. As a Financial Services name, CCBG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCBG-specific events.
CCBG 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. CCBG positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCBG alongside the broader basket even when CCBG-specific fundamentals are unchanged. Always rebuild the position from current CCBG chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CCBG?
- A butterfly on CCBG is the butterfly strategy applied to CCBG (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 CCBG stock trading near $45.49, the strikes shown on this page are snapped to the nearest listed CCBG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCBG 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 CCBG butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 49.50%), 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 CCBG butterfly?
- The breakeven for the CCBG 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 CCBG market-implied 1-standard-deviation expected move is approximately 14.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CCBG?
- Butterflies on CCBG are pinning bets - traders use them when they expect CCBG 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 CCBG implied volatility affect this butterfly?
- CCBG ATM IV is at 49.50% with IV rank near 15.93%, 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.