CIGI Butterfly Strategy
CIGI (Colliers International Group Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.
Colliers International Group Inc. provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers sales brokerage services, including real estate sales, debt origination and placement, equity capital raising, market value opinions, acquisition advisory, and transaction management services; and landlord and tenant representation services. The company provides outsourcing and advisory services, such as corporate and workplace solutions; valuation and advisory services; workplace strategy services; loan servicing; property marketing; research services; and engineering design services for property and building, infrastructure, transportation, environmental and telecommunications end-markets. It also offers property management services comprising building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract management and, construction management; and project management services, which include bid document review, construction monitoring and delivery management, contract administration and integrated cost control, development management, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management and strategic project consulting. In addition, the company provides investment management services that consists of asset management advisory and administration, transaction, and incentive services. The company was founded in 1972 and is headquartered in Toronto, Canada.
CIGI (Colliers International Group Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $4.91B, a trailing P/E of 42.64, a beta of 1.26 versus the broader market, a 52-week range of 94.15-171.51, average daily share volume of 360K, a public-listing history dating back to 1995, approximately 23K full-time employees. These structural characteristics shape how CIGI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.26 places CIGI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 42.64 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. CIGI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on CIGI?
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 CIGI snapshot
As of May 15, 2026, spot at $92.73, ATM IV 36.60%, IV rank 5.59%, expected move 10.49%. The butterfly on CIGI 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 CIGI specifically: CIGI IV at 36.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a CIGI butterfly, with a market-implied 1-standard-deviation move of approximately 10.49% (roughly $9.73 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 CIGI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CIGI should anchor to the underlying notional of $92.73 per share and to the trader's directional view on CIGI stock.
CIGI butterfly setup
The CIGI 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 CIGI near $92.73, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CIGI 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 CIGI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $90.00 | $6.20 |
| Sell 2 | Call | $95.00 | $2.95 |
| Buy 1 | Call | $95.00 | $2.95 |
CIGI butterfly risk and reward
- Net Premium / Debit
- -$325.00
- Max Profit (per contract)
- $175.00
- Max Loss (per contract)
- -$325.00
- Breakeven(s)
- $93.25
- Risk / Reward Ratio
- 0.538
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.
CIGI butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CIGI. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$325.00 |
| $20.51 | -77.9% | -$325.00 |
| $41.01 | -55.8% | -$325.00 |
| $61.52 | -33.7% | -$325.00 |
| $82.02 | -11.6% | -$325.00 |
| $102.52 | +10.6% | +$175.00 |
| $123.02 | +32.7% | +$175.00 |
| $143.52 | +54.8% | +$175.00 |
| $164.03 | +76.9% | +$175.00 |
| $184.53 | +99.0% | +$175.00 |
When traders use butterfly on CIGI
Butterflies on CIGI are pinning bets - traders use them when they expect CIGI 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.
CIGI thesis for this butterfly
The market-implied 1-standard-deviation range for CIGI extends from approximately $83.00 on the downside to $102.46 on the upside. A CIGI long call butterfly is a pinning play: it pays maximum at the middle strike if CIGI settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CIGI IV rank near 5.59% 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 CIGI at 36.60%. As a Real Estate name, CIGI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CIGI-specific events.
CIGI 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. CIGI positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CIGI alongside the broader basket even when CIGI-specific fundamentals are unchanged. Always rebuild the position from current CIGI chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CIGI?
- A butterfly on CIGI is the butterfly strategy applied to CIGI (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 CIGI stock trading near $92.73, the strikes shown on this page are snapped to the nearest listed CIGI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CIGI 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 CIGI butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 36.60%), the computed maximum profit is $175.00 per contract and the computed maximum loss is -$325.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CIGI butterfly?
- The breakeven for the CIGI butterfly priced on this page is roughly $93.25 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 CIGI market-implied 1-standard-deviation expected move is approximately 10.49%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CIGI?
- Butterflies on CIGI are pinning bets - traders use them when they expect CIGI 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 CIGI implied volatility affect this butterfly?
- CIGI ATM IV is at 36.60% with IV rank near 5.59%, 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.