CMRC Butterfly Strategy
CMRC (Commerce.com, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Commerce.com, Inc. operates a software-as-a-service e-commerce platform for brands and retailers in the United States, North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company provides a platform for launching and scaling an ecommerce operation, including store design, catalog management, hosting, checkout, order management, reporting, and pre-integration into third-party services, such as payments, shipping, and accounting. It serves stores in various sizes, product categories, and purchase types comprising business-to-consumer and business-to-business. Commerce.com, Inc. was formerly known as BigCommerce Holdings, Inc. and changed its name to Commerce.com, Inc. in July 2025. The company was founded in 2009 and is headquartered in Austin, Texas.
CMRC (Commerce.com, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $228.6M, a beta of 1.14 versus the broader market, a 52-week range of 2.41-5.545, average daily share volume of 867K, a public-listing history dating back to 2020, approximately 1K full-time employees. These structural characteristics shape how CMRC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.14 places CMRC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on CMRC?
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 CMRC snapshot
As of May 15, 2026, spot at $2.70, ATM IV 108.50%, IV rank 41.20%, expected move 31.11%. The butterfly on CMRC 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 CMRC specifically: CMRC IV at 108.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 31.11% (roughly $0.84 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 CMRC expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMRC should anchor to the underlying notional of $2.70 per share and to the trader's directional view on CMRC stock.
CMRC butterfly setup
The CMRC 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 CMRC near $2.70, the first option leg uses a $2.57 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMRC 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 CMRC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.57 | N/A |
| Sell 2 | Call | $2.70 | N/A |
| Buy 1 | Call | $2.84 | N/A |
CMRC 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.
CMRC butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on CMRC. 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 CMRC
Butterflies on CMRC are pinning bets - traders use them when they expect CMRC 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.
CMRC thesis for this butterfly
The market-implied 1-standard-deviation range for CMRC extends from approximately $1.86 on the downside to $3.54 on the upside. A CMRC long call butterfly is a pinning play: it pays maximum at the middle strike if CMRC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current CMRC IV rank near 41.20% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on CMRC should anchor more to the directional view and the expected-move geometry. As a Technology name, CMRC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMRC-specific events.
CMRC 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. CMRC positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CMRC alongside the broader basket even when CMRC-specific fundamentals are unchanged. Always rebuild the position from current CMRC chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on CMRC?
- A butterfly on CMRC is the butterfly strategy applied to CMRC (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 CMRC stock trading near $2.70, the strikes shown on this page are snapped to the nearest listed CMRC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CMRC 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 CMRC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 108.50%), 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 CMRC butterfly?
- The breakeven for the CMRC 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 CMRC market-implied 1-standard-deviation expected move is approximately 31.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on CMRC?
- Butterflies on CMRC are pinning bets - traders use them when they expect CMRC 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 CMRC implied volatility affect this butterfly?
- CMRC ATM IV is at 108.50% with IV rank near 41.20%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.