CLBT Butterfly Strategy
CLBT (Cellebrite DI Ltd.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
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CLBT (Cellebrite DI Ltd.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $3.43B, a trailing P/E of 47.19, a beta of 1.17 versus the broader market, a 52-week range of 11.02-19.98, average daily share volume of 2.2M, a public-listing history dating back to 2020, approximately 1K full-time employees. These structural characteristics shape how CLBT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places CLBT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 47.19 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.
What is a butterfly on CLBT?
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 CLBT snapshot
As of June 30, 2026, spot at $14.58, ATM IV 58.80%, IV rank 17.99%, expected move 16.86%. The butterfly on CLBT 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 17-day expiry.
Why this butterfly structure on CLBT specifically: CLBT IV at 58.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLBT butterfly, with a market-implied 1-standard-deviation move of approximately 16.86% (roughly $2.46 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLBT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLBT should anchor to the underlying notional of $14.58 per share and to the trader's directional view on CLBT stock.
CLBT butterfly setup
The CLBT 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 CLBT near $14.58, the first option leg uses a $13.85 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLBT chain at a 17-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 CLBT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $13.85 | N/A |
| Sell 2 | Call | $14.58 | N/A |
| Buy 1 | Call | $15.31 | N/A |
CLBT 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.
CLBT butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CLBT. 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 CLBT
Butterflies on CLBT are pinning bets - traders use them when they expect CLBT 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.
CLBT thesis for this butterfly
The market-implied 1-standard-deviation range for CLBT extends from approximately $12.12 on the downside to $17.04 on the upside. A CLBT long call butterfly is a pinning play: it pays maximum at the middle strike if CLBT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CLBT IV rank near 17.99% 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 CLBT at 58.80%. As a Technology name, CLBT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLBT-specific events.
CLBT 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. CLBT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLBT alongside the broader basket even when CLBT-specific fundamentals are unchanged. Always rebuild the position from current CLBT chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CLBT?
- A butterfly on CLBT is the butterfly strategy applied to CLBT (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 CLBT stock trading near $14.58, the strikes shown on this page are snapped to the nearest listed CLBT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLBT 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 CLBT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 58.80%), 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 CLBT butterfly?
- The breakeven for the CLBT 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 CLBT market-implied 1-standard-deviation expected move is approximately 16.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CLBT?
- Butterflies on CLBT are pinning bets - traders use them when they expect CLBT 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 CLBT implied volatility affect this butterfly?
- CLBT ATM IV is at 58.80% with IV rank near 17.99%, 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.