How are COHR 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 COHR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 91.77%), the computed maximum profit is $1,791.19 per contract and the computed maximum loss is -$80.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COHR butterfly?

The breakeven for the COHR butterfly priced on this page is roughly $370.13 and $410.37 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 COHR market-implied 1-standard-deviation expected move is approximately 26.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current COHR implied volatility affect this butterfly?

COHR ATM IV is at 91.77% with IV rank near 57.16%, 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.

COHR Butterfly Strategy

COHR (Coherent, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NYSE.

Coherent, Inc. provides lasers, laser-based technologies, and laser-based system solutions for a range of commercial, industrial, and scientific research applications. It operates in two segments, Original Equipment Manufacturers (OEM) Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products. Its products are used for applications in microelectronics, materials processing, OEM components and instrumentation, and scientific research and government programs. The company markets its products through a direct sales force in the United States, as well as through direct sales personnel and independent representatives internationally. Coherent, Inc. was founded in 1966 and is headquartered in Santa Clara, California.

COHR (Coherent, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $64.02B, a trailing P/E of 133.84, a beta of 2.05 versus the broader market, a 52-week range of 73.66-413, average daily share volume of 7.6M, a public-listing history dating back to 1987, approximately 26K full-time employees. These structural characteristics shape how COHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.05 indicates COHR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 133.84 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 COHR?

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 COHR snapshot

As of May 15, 2026, spot at $390.67, ATM IV 91.77%, IV rank 57.16%, expected move 26.31%. The butterfly on COHR 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 28-day expiry.

Why this butterfly structure on COHR specifically: COHR IV at 91.77% 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 26.31% (roughly $102.79 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated COHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHR should anchor to the underlying notional of $390.67 per share and to the trader's directional view on COHR stock.

COHR butterfly setup

The COHR 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 COHR near $390.67, the first option leg uses a $370.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHR chain at a 28-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 COHR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$370.00	$50.50
Sell 2	Call	$390.00	$40.90
Buy 1	Call	$410.00	$32.10

COHR butterfly risk and reward

Net Premium / Debit: -$80.00
Max Profit (per contract): $1,791.19
Max Loss (per contract): -$80.00
Breakeven(s): $370.13, $410.37
Risk / Reward Ratio: 22.390

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.

COHR butterfly payoff curve

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

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$80.00
$86.39	-77.9%	-$80.00
$172.77	-55.8%	-$80.00
$259.14	-33.7%	-$80.00
$345.52	-11.6%	-$80.00
$431.90	+10.6%	-$80.00
$518.28	+32.7%	-$80.00
$604.66	+54.8%	-$80.00
$691.04	+76.9%	-$80.00
$777.41	+99.0%	-$80.00

When traders use butterfly on COHR

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

COHR thesis for this butterfly

The market-implied 1-standard-deviation range for COHR extends from approximately $287.88 on the downside to $493.46 on the upside. A COHR long call butterfly is a pinning play: it pays maximum at the middle strike if COHR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current COHR IV rank near 57.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on COHR should anchor more to the directional view and the expected-move geometry. As a Technology name, COHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHR-specific events.

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

Frequently asked questions

What is a butterfly on COHR?: A butterfly on COHR is the butterfly strategy applied to COHR (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 COHR stock trading near $390.67, the strikes shown on this page are snapped to the nearest listed COHR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are COHR 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 COHR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 91.77%), the computed maximum profit is $1,791.19 per contract and the computed maximum loss is -$80.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COHR butterfly?: The breakeven for the COHR butterfly priced on this page is roughly $370.13 and $410.37 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 COHR market-implied 1-standard-deviation expected move is approximately 26.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on COHR?: Butterflies on COHR are pinning bets - traders use them when they expect COHR 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 COHR implied volatility affect this butterfly?: COHR ATM IV is at 91.77% with IV rank near 57.16%, 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.