How are COR 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 COR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 27.10%), the computed maximum profit is $919.34 per contract and the computed maximum loss is -$995.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a COR butterfly?

The breakeven for the COR butterfly priced on this page is roughly $290.05 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 COR market-implied 1-standard-deviation expected move is approximately 7.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current COR implied volatility affect this butterfly?

COR ATM IV is at 27.10% with IV rank near 29.20%, 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.

COR Butterfly Strategy

COR (Cencora, Inc.), in the Healthcare sector, (Medical - Distribution industry), listed on NYSE.

Cencora, Inc. functions as a global leader in the sourcing and distribution of pharmaceutical products, with operations spanning both the United States and international markets. Within its U.S. Healthcare Solutions segment, the company supplies a broad spectrum of pharmaceutical items, including generic and injectable medications, over-the-counter health products, and home healthcare equipment. Its extensive client network includes acute care hospitals, health systems, a variety of retail and mail-order pharmacies (independent, chain, long-term care), medical clinics, and other healthcare providers. This division also manages the distribution of crucial specialized pharmaceutical products like plasma, blood derivatives, and vaccines. Beyond product supply, Cencora offers comprehensive support services, such as pharmacy management, staffing solutions, and strategic consulting.

COR (Cencora, Inc.) trades in the Healthcare sector, specifically Medical - Distribution, with a market capitalization of approximately $55.67B, a trailing P/E of 21.84, a beta of 0.59 versus the broader market, a 52-week range of 244.82-377.54, average daily share volume of 1.8M, a public-listing history dating back to 1995, approximately 47K full-time employees. These structural characteristics shape how COR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.59 indicates COR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. COR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on COR?

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 COR snapshot

As of June 30, 2026, spot at $282.27, ATM IV 27.10%, IV rank 29.20%, expected move 7.77%. The butterfly on COR 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 COR specifically: COR IV at 27.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a COR butterfly, with a market-implied 1-standard-deviation move of approximately 7.77% (roughly $21.93 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 COR expiries trade a higher absolute premium for lower per-day decay. Position sizing on COR should anchor to the underlying notional of $282.27 per share and to the trader's directional view on COR stock.

COR butterfly setup

The COR 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 COR near $282.27, the first option leg uses a $270.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COR 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 COR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$270.00	$15.20
Sell 2	Call	$280.00	$8.20
Buy 1	Call	$300.00	$1.15

COR butterfly risk and reward

Net Premium / Debit: +$5.00
Max Profit (per contract): $919.34
Max Loss (per contract): -$995.00
Breakeven(s): $290.05
Risk / Reward Ratio: 0.924

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.

COR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on COR. 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%	+$5.00
$62.42	-77.9%	+$5.00
$124.83	-55.8%	+$5.00
$187.24	-33.7%	+$5.00
$249.65	-11.6%	+$5.00
$312.06	+10.6%	-$995.00
$374.47	+32.7%	-$995.00
$436.88	+54.8%	-$995.00
$499.29	+76.9%	-$995.00
$561.70	+99.0%	-$995.00

When traders use butterfly on COR

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

COR thesis for this butterfly

The market-implied 1-standard-deviation range for COR extends from approximately $260.34 on the downside to $304.20 on the upside. A COR long call butterfly is a pinning play: it pays maximum at the middle strike if COR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current COR IV rank near 29.20% 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 COR at 27.10%. As a Healthcare name, COR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COR-specific events.

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

Frequently asked questions

What is a butterfly on COR?: A butterfly on COR is the butterfly strategy applied to COR (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 COR stock trading near $282.27, the strikes shown on this page are snapped to the nearest listed COR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are COR 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 COR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 27.10%), the computed maximum profit is $919.34 per contract and the computed maximum loss is -$995.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a COR butterfly?: The breakeven for the COR butterfly priced on this page is roughly $290.05 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 COR market-implied 1-standard-deviation expected move is approximately 7.77%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on COR?: Butterflies on COR are pinning bets - traders use them when they expect COR 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 COR implied volatility affect this butterfly?: COR ATM IV is at 27.10% with IV rank near 29.20%, 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.