CLPT Butterfly Strategy
CLPT (ClearPoint Neuro, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
ClearPoint Neuro, Inc. operates as a medical device company primarily in the United States. The company develops and commercializes platforms for performing minimally invasive surgical procedures in the brain under direct, and intra-procedural magnetic resonance imaging (MRI) guidance. It offers ClearPoint system for the insertion of deep brain stimulation electrodes and biopsy needles, and the infusion of pharmaceuticals and laser catheters into the brain; and ClearPoint Neuro Navigation System, an MRI suite. It has license and collaboration agreements with Boston Scientific Corporation, The Johns Hopkins University, Clinical Laserthermia Systems Americas Inc, Koninklijke Philips N.V., Blackrock Neurotech, and University of California and San Francisco. The company was formerly known as MRI Interventions, Inc. and changed its name to ClearPoint Neuro, Inc. in February 2020. ClearPoint Neuro, Inc. was incorporated in 1998 and is headquartered in Solana Beach, California.
CLPT (ClearPoint Neuro, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $365.5M, a beta of 1.29 versus the broader market, a 52-week range of 8.27-30.1, average daily share volume of 743K, a public-listing history dating back to 2012, approximately 115 full-time employees. These structural characteristics shape how CLPT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.29 places CLPT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on CLPT?
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 CLPT snapshot
As of May 15, 2026, spot at $11.78, ATM IV 98.30%, IV rank 14.79%, expected move 28.18%. The butterfly on CLPT 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 CLPT specifically: CLPT IV at 98.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a CLPT butterfly, with a market-implied 1-standard-deviation move of approximately 28.18% (roughly $3.32 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 CLPT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLPT should anchor to the underlying notional of $11.78 per share and to the trader's directional view on CLPT stock.
CLPT butterfly setup
The CLPT 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 CLPT near $11.78, the first option leg uses a $11.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLPT 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 CLPT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $11.19 | N/A |
| Sell 2 | Call | $11.78 | N/A |
| Buy 1 | Call | $12.37 | N/A |
CLPT 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.
CLPT butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CLPT. 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 CLPT
Butterflies on CLPT are pinning bets - traders use them when they expect CLPT 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.
CLPT thesis for this butterfly
The market-implied 1-standard-deviation range for CLPT extends from approximately $8.46 on the downside to $15.10 on the upside. A CLPT long call butterfly is a pinning play: it pays maximum at the middle strike if CLPT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CLPT IV rank near 14.79% 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 CLPT at 98.30%. As a Healthcare name, CLPT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLPT-specific events.
CLPT 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. CLPT positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLPT alongside the broader basket even when CLPT-specific fundamentals are unchanged. Always rebuild the position from current CLPT chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CLPT?
- A butterfly on CLPT is the butterfly strategy applied to CLPT (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 CLPT stock trading near $11.78, the strikes shown on this page are snapped to the nearest listed CLPT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLPT 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 CLPT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 98.30%), 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 CLPT butterfly?
- The breakeven for the CLPT 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 CLPT market-implied 1-standard-deviation expected move is approximately 28.18%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CLPT?
- Butterflies on CLPT are pinning bets - traders use them when they expect CLPT 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 CLPT implied volatility affect this butterfly?
- CLPT ATM IV is at 98.30% with IV rank near 14.79%, 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.