CCNE Butterfly Strategy
CCNE (CNB Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
CNB Financial Corporation functions as the parent company for CNB Bank, offering a full spectrum of banking products and services to a varied customer base that includes individuals, businesses, government entities, and institutional clients. Its deposit offerings cover checking, savings, and certificates of deposit. The corporation also provides a range of loan products, such as real estate, commercial, industrial, residential, and consumer financing, along with other specialized financial services. Additionally, it delivers wealth and asset management expertise, handling the administration of trusts, estates, retirement plans, and various employee benefit programs, in addition to broader wealth advisory services. The company further diversifies its activities by investing in debt and equity securities, distributing non-proprietary annuities and insurance products, and extending both small unsecured loans and secured loans, primarily collateralized by automobiles and equipment. As of February 8, 2022, CNB Financial Corporation's operations included a private banking division, three loan production offices, one drive-up facility, and 45 full-service branch locations spread across Pennsylvania, Ohio, New York, and Virginia.
CCNE (CNB Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $1.03B, a trailing P/E of 10.69, a beta of 0.62 versus the broader market, a 52-week range of 22.8-36.17, average daily share volume of 158K, a public-listing history dating back to 1994, approximately 934 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 0.62 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 10.69 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.
CCNE snapshot
As of August 14, 2026, spot at $34.97, ATM IV 52.90%, IV rank 11.91%, expected move 15.17%. The butterfly on CCNE 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 CCNE specifically: CCNE IV at 52.90% 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 15.17% (roughly $5.30 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 CCNE expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCNE should anchor to the underlying notional of $34.97 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 at $34.97 on that close, the first option leg uses a $33.22 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 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 CCNE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $33.22 | N/A |
| Sell 2 | Call | $34.97 | N/A |
| Buy 1 | Call | $36.72 | 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 $29.67 on the downside to $40.27 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 11.91% 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 52.90%. 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 at $34.97 on the most recent close, the strikes shown on this page are snapped to the nearest listed CCNE chain strike and the premiums come straight from that session's 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 52.90%), 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 CCNE butterfly?
- The breakeven for the CCNE 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 CCNE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.17%; 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 52.90% with IV rank near 11.91%, 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.