How are COHQ 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 COHQ butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 164.40%), the computed maximum profit is $147.78 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COHQ butterfly?

The breakeven for the COHQ butterfly priced on this page is roughly $30.58 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The COHQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 47.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current COHQ implied volatility affect this butterfly?

Current COHQ ATM IV is 164.40%; IV rank context is unavailable in the current snapshot.

COHQ Butterfly Strategy

COHQ (Investment Managers Series Trust II - Tradr 2X Short COHR Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.

COHQ is a short-term tactical tool that aims to deliver -2x the price return, less fees and expenses, for a single day of Coherent Corp. (NYSE: COHR) stock. COHR engages in the development, refinement, manufacturing, and marketing of engineered materials, opto-electronic components and devices, and lasers. Purchasers holding shares for longer than a day will need to monitor and rebalance their position frequently to attempt to achieve the -2x multiple. Aside from the inverse exposure, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own individual stock research prior to initiating a position and trade with conviction. Due to the complexities of the product, shares tend to perform as anticipated only when the underlying shares are trending and holders are on the positive corresponding side of that trade.

COHQ (Investment Managers Series Trust II - Tradr 2X Short COHR Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $523,119, a beta of 0.00 versus the broader market, a 52-week range of 22.77-41.74, average daily share volume of 13K, a public-listing history dating back to 2026. These structural characteristics shape how COHQ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates COHQ 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 COHQ?

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.

COHQ snapshot

As of September 29, 2026, spot at $29.34, ATM IV 164.40%, expected move 47.13%. The butterfly on COHQ below is built from the September 29, 2026 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 COHQ specifically: IV rank is unavailable in the current snapshot, so regime-based timing for COHQ is inferred from ATM IV at 164.40% alone, with a market-implied 1-standard-deviation move of approximately 47.13% (roughly $13.83 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 COHQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHQ should anchor to the underlying notional of $29.34 per share and to the trader's directional view on COHQ stock.

COHQ butterfly setup

The COHQ butterfly below is built from the September 29, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With COHQ at $29.34 on that close, the first option leg uses a $28.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHQ 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 COHQ shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$28.00	$4.83
Sell 2	Call	$29.00	$4.28
Buy 1	Call	$31.00	$3.15

COHQ butterfly risk and reward

Net Premium / Debit: +$57.50
Max Profit (per contract): $147.78
Max Loss (per contract): -$42.50
Breakeven(s): $30.58
Risk / Reward Ratio: 3.477

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.

COHQ butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on COHQ. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	+$57.50
$6.50	-77.9%	+$57.50
$12.98	-55.8%	+$57.50
$19.47	-33.6%	+$57.50
$25.95	-11.5%	+$57.50
$32.44	+10.6%	-$42.50
$38.93	+32.7%	-$42.50
$45.41	+54.8%	-$42.50
$51.90	+76.9%	-$42.50
$58.39	+99.0%	-$42.50

When traders use butterfly on COHQ

Butterflies on COHQ are pinning bets - traders use them when they expect COHQ 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.

COHQ thesis for this butterfly

The market-implied 1-standard-deviation range for COHQ extends from approximately $15.51 on the downside to $43.17 on the upside. A COHQ long call butterfly is a pinning play: it pays maximum at the middle strike if COHQ settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Financial Services name, COHQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHQ-specific events.

COHQ 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. COHQ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COHQ alongside the broader basket even when COHQ-specific fundamentals are unchanged. Always rebuild the position from current COHQ chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on COHQ?: A butterfly on COHQ is the butterfly strategy applied to COHQ (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 COHQ stock at $29.34 on the September 29, 2026 close, the strikes shown on this page are snapped to the nearest listed COHQ chain strike and the premiums come straight from that session's bid/ask midpoint.
How are COHQ 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 COHQ butterfly priced from the September 29, 2026 end-of-day chain at a 30-day expiry (ATM IV 164.40%), the computed maximum profit is $147.78 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COHQ butterfly?: The breakeven for the COHQ butterfly priced on this page is roughly $30.58 at expiration, derived from the September 29, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The COHQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 47.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on COHQ?: Butterflies on COHQ are pinning bets - traders use them when they expect COHQ 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 COHQ implied volatility affect this butterfly?: Current COHQ ATM IV is 164.40%; IV rank context is unavailable in the current snapshot.