How are CVSA 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 CVSA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 34.80%), the computed maximum profit is $351.36 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CVSA butterfly?

The breakeven for the CVSA butterfly priced on this page is roughly $121.03 and $128.98 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 CVSA market-implied 1-standard-deviation expected move is approximately 9.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CVSA implied volatility affect this butterfly?

Current CVSA ATM IV is 34.80%; IV rank context is unavailable in the current snapshot.

CVSA Butterfly Strategy

CVSA (Covista Inc.), in the Consumer Cyclical sector, (Personal Products & Services industry), listed on NYSE.

Adtalem Global Education, Inc. is an enterprise dedicated to providing higher education. The company organizes its operations into three primary divisions: Chamberlain, Walden, and Medical and Veterinary. The Chamberlain segment delivers various degree and non-degree offerings within the nursing and broader health professions higher education sector. Through its Walden segment, the company offers extensive online learning options, including certificates, bachelor's, master's, and doctoral degrees in a wide range of subjects such as nursing, education, counseling, business, psychology, public health, social work, human services, public administration, public policy, and criminal justice. The Medical and Veterinary division provides both degree-granting and non-degree curricula tailored for post-secondary education in medicine and veterinary sciences. Dennis J.

CVSA (Covista Inc.) trades in the Consumer Cyclical sector, specifically Personal Products & Services, with a market capitalization of approximately $4.34B, a trailing P/E of 18.68, a beta of 0.62 versus the broader market, a 52-week range of 86.97-156.26, average daily share volume of 310K, a public-listing history dating back to 2026, approximately 10K full-time employees. These structural characteristics shape how CVSA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.62 indicates CVSA 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 CVSA?

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 CVSA snapshot

As of June 30, 2026, spot at $126.09, ATM IV 34.80%, expected move 9.98%. The butterfly on CVSA 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 CVSA specifically: IV rank is unavailable in the current snapshot, so regime-based timing for CVSA is inferred from ATM IV at 34.80% alone, with a market-implied 1-standard-deviation move of approximately 9.98% (roughly $12.58 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 CVSA expiries trade a higher absolute premium for lower per-day decay. Position sizing on CVSA should anchor to the underlying notional of $126.09 per share and to the trader's directional view on CVSA stock.

CVSA butterfly setup

The CVSA 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 CVSA near $126.09, the first option leg uses a $120.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CVSA 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 CVSA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$120.00	$7.75
Sell 2	Call	$125.00	$4.35
Buy 1	Call	$130.00	$1.98

CVSA butterfly risk and reward

Net Premium / Debit: -$102.50
Max Profit (per contract): $351.36
Max Loss (per contract): -$102.50
Breakeven(s): $121.03, $128.98
Risk / Reward Ratio: 3.428

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.

CVSA butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on CVSA. 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%	-$102.50
$27.89	-77.9%	-$102.50
$55.77	-55.8%	-$102.50
$83.64	-33.7%	-$102.50
$111.52	-11.6%	-$102.50
$139.40	+10.6%	-$102.50
$167.28	+32.7%	-$102.50
$195.16	+54.8%	-$102.50
$223.03	+76.9%	-$102.50
$250.91	+99.0%	-$102.50

When traders use butterfly on CVSA

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

CVSA thesis for this butterfly

The market-implied 1-standard-deviation range for CVSA extends from approximately $113.51 on the downside to $138.67 on the upside. A CVSA long call butterfly is a pinning play: it pays maximum at the middle strike if CVSA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Consumer Cyclical name, CVSA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CVSA-specific events.

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

Frequently asked questions

What is a butterfly on CVSA?: A butterfly on CVSA is the butterfly strategy applied to CVSA (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 CVSA stock trading near $126.09, the strikes shown on this page are snapped to the nearest listed CVSA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CVSA 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 CVSA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 34.80%), the computed maximum profit is $351.36 per contract and the computed maximum loss is -$102.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CVSA butterfly?: The breakeven for the CVSA butterfly priced on this page is roughly $121.03 and $128.98 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 CVSA market-implied 1-standard-deviation expected move is approximately 9.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on CVSA?: Butterflies on CVSA are pinning bets - traders use them when they expect CVSA 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 CVSA implied volatility affect this butterfly?: Current CVSA ATM IV is 34.80%; IV rank context is unavailable in the current snapshot.