CCNE Butterfly Strategy
CCNE (CNB Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services. It also provides wealth and asset management services, including the administration of trusts and estates, retirement plans, and other employee benefit plans, as well as a range of wealth management services. In addition, the company invests in debt and equity securities; sells nonproprietary annuities and other insurance products; and small balance unsecured loans and secured loans primarily collateralized by automobiles and equipment. As of February 8, 2022, the company operated a private banking division; three loan production office; one drive-up office; and 45 full-service offices in Pennsylvania, Ohio, New York, and Virginia. CNB Financial Corporation was founded in 1865 and is headquartered in Clearfield, Pennsylvania.
CCNE (CNB Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $898.1M, a trailing P/E of 10.95, a beta of 0.65 versus the broader market, a 52-week range of 21.19-31.8, average daily share volume of 153K, a public-listing history dating back to 1994, approximately 769 full-time employees. These structural characteristics shape how CCNE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.65 indicates CCNE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.95 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. CCNE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on CCNE?
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 CCNE snapshot
As of May 15, 2026, spot at $29.33, ATM IV 80.10%, IV rank 20.11%, expected move 22.96%. The butterfly on CCNE 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 CCNE specifically: CCNE IV at 80.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a CCNE butterfly, with a market-implied 1-standard-deviation move of approximately 22.96% (roughly $6.74 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 CCNE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCNE should anchor to the underlying notional of $29.33 per share and to the trader's directional view on CCNE stock.
CCNE butterfly setup
The CCNE 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 CCNE near $29.33, the first option leg uses a $27.86 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCNE 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 CCNE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $27.86 | N/A |
| Sell 2 | Call | $29.33 | N/A |
| Buy 1 | Call | $30.80 | N/A |
CCNE 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.
CCNE butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CCNE. 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 CCNE
Butterflies on CCNE are pinning bets - traders use them when they expect CCNE 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.
CCNE thesis for this butterfly
The market-implied 1-standard-deviation range for CCNE extends from approximately $22.59 on the downside to $36.07 on the upside. A CCNE long call butterfly is a pinning play: it pays maximum at the middle strike if CCNE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CCNE IV rank near 20.11% 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 CCNE at 80.10%. As a Financial Services name, CCNE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCNE-specific events.
CCNE 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. CCNE positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCNE alongside the broader basket even when CCNE-specific fundamentals are unchanged. Always rebuild the position from current CCNE chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CCNE?
- A butterfly on CCNE is the butterfly strategy applied to CCNE (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 CCNE stock trading near $29.33, the strikes shown on this page are snapped to the nearest listed CCNE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCNE 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 CCNE butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 80.10%), 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 CCNE butterfly?
- The breakeven for the CCNE 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 CCNE market-implied 1-standard-deviation expected move is approximately 22.96%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CCNE?
- Butterflies on CCNE are pinning bets - traders use them when they expect CCNE 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 CCNE implied volatility affect this butterfly?
- CCNE ATM IV is at 80.10% with IV rank near 20.11%, 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.