CING Butterfly Strategy
CING (Cingulate Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Cingulate Inc., a clinical-stage biopharmaceutical company, focuses on the development of product candidates for the treatment of attention-deficit/hyperactivity disorder. The company's lead product candidates are CTx-1301 (dexmethylphenidate), which is in phase 3 clinical trial, and CTx-1302 (dextroamphetamine) for the treatment of attention-deficit/hyperactivity disorders. It also focuses on developing CTx-2103 for the treatment of anxiety disorders. The company was founded in 2012 and is headquartered in Kansas City, Kansas.
CING (Cingulate Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $27.6M, a beta of -0.81 versus the broader market, a 52-week range of 3.2-11.89, average daily share volume of 515K, a public-listing history dating back to 2021, approximately 13 full-time employees. These structural characteristics shape how CING stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.81 indicates CING has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on CING?
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 CING snapshot
As of May 15, 2026, spot at $4.59, ATM IV 229.80%, expected move 65.88%. The butterfly on CING 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 CING specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CING is inferred from ATM IV at 229.80% alone, with a market-implied 1-standard-deviation move of approximately 65.88% (roughly $3.02 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 CING expiries trade a higher absolute premium for lower per-day decay. Position sizing on CING should anchor to the underlying notional of $4.59 per share and to the trader's directional view on CING stock.
CING butterfly setup
The CING 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 CING near $4.59, the first option leg uses a $4.36 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CING 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 CING shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $4.36 | N/A |
| Sell 2 | Call | $4.59 | N/A |
| Buy 1 | Call | $4.82 | N/A |
CING 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.
CING butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CING. 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 CING
Butterflies on CING are pinning bets - traders use them when they expect CING 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.
CING thesis for this butterfly
The market-implied 1-standard-deviation range for CING extends from approximately $1.57 on the downside to $7.61 on the upside. A CING long call butterfly is a pinning play: it pays maximum at the middle strike if CING settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Healthcare name, CING options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CING-specific events.
CING 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. CING positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CING alongside the broader basket even when CING-specific fundamentals are unchanged. Always rebuild the position from current CING chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CING?
- A butterfly on CING is the butterfly strategy applied to CING (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 CING stock trading near $4.59, the strikes shown on this page are snapped to the nearest listed CING chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CING 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 CING butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 229.80%), 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 CING butterfly?
- The breakeven for the CING 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 CING market-implied 1-standard-deviation expected move is approximately 65.88%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CING?
- Butterflies on CING are pinning bets - traders use them when they expect CING 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 CING implied volatility affect this butterfly?
- Current CING ATM IV is 229.80%; IV rank context is unavailable in the current snapshot.