DCBO Butterfly Strategy
DCBO (Docebo Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Docebo Inc. provides a cloud-based learning management system to train internal and external workforces, partners, and customers in North America, Europe, and the Asia-Pacific region. Its platform helps customers to centralize learning materials from peer enterprises and learners into one learning management system (LMS) to expedite and enrich the learning process, increase productivity, and grow teams uniformly. The company's learning platform includes Docebo Learn LMS, a cloud-based learning platform; Docebo Shape, an AI-based learning content creation tool; Docebo Content that allows to unlock the industry's best-learning content; Docebo Learning Impact, a learning measurement tool; Docebo Learning Analytics that allows learning administrators to prove their learning programs are powering their business, as well as connecting learning data to business results; Docebo Connect that connects Docebo to custom tech stack and making integrations; and Docebo Flow that allows businesses to directly inject learning into the flow of work. It also provides Docebo for Salesforce, a native integration that leverages Salesforce's application programming interface and technology architecture to produce a learning experience; and Docebo Embed (OEM) that allows original equipment manufacturers to embed and re-sell Docebo as a part of their software. In addition, the company offers Docebo Mobile App Publisher product that allows companies to create and publish own branded version of Docebo Go.Learn mobile learning applications; Docebo Extended Enterprise that breeds customer education, partner enablement, and retention; and Docebo Discover, Coach & Share that enhances the learning experience to create a culture of social learning. It serves customers in the technology, media, manufacturing, consulting and professional services, and retail industries.
DCBO (Docebo Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $479.8M, a trailing P/E of 13.46, a beta of 0.76 versus the broader market, a 52-week range of 14.39-33.42, average daily share volume of 207K, a public-listing history dating back to 2020, approximately 991 full-time employees. These structural characteristics shape how DCBO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places DCBO roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on DCBO?
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 DCBO snapshot
As of May 15, 2026, spot at $17.20, ATM IV 63.10%, IV rank 10.63%, expected move 18.09%. The butterfly on DCBO 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 DCBO specifically: DCBO IV at 63.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a DCBO butterfly, with a market-implied 1-standard-deviation move of approximately 18.09% (roughly $3.11 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 DCBO expiries trade a higher absolute premium for lower per-day decay. Position sizing on DCBO should anchor to the underlying notional of $17.20 per share and to the trader's directional view on DCBO stock.
DCBO butterfly setup
The DCBO 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 DCBO near $17.20, the first option leg uses a $16.34 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DCBO 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 DCBO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $16.34 | N/A |
| Sell 2 | Call | $17.20 | N/A |
| Buy 1 | Call | $18.06 | N/A |
DCBO 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.
DCBO butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on DCBO. 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 DCBO
Butterflies on DCBO are pinning bets - traders use them when they expect DCBO 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.
DCBO thesis for this butterfly
The market-implied 1-standard-deviation range for DCBO extends from approximately $14.09 on the downside to $20.31 on the upside. A DCBO long call butterfly is a pinning play: it pays maximum at the middle strike if DCBO settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current DCBO IV rank near 10.63% 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 DCBO at 63.10%. As a Technology name, DCBO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DCBO-specific events.
DCBO 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. DCBO positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DCBO alongside the broader basket even when DCBO-specific fundamentals are unchanged. Always rebuild the position from current DCBO chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on DCBO?
- A butterfly on DCBO is the butterfly strategy applied to DCBO (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 DCBO stock trading near $17.20, the strikes shown on this page are snapped to the nearest listed DCBO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are DCBO 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 DCBO butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 63.10%), 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 DCBO butterfly?
- The breakeven for the DCBO 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 DCBO market-implied 1-standard-deviation expected move is approximately 18.09%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on DCBO?
- Butterflies on DCBO are pinning bets - traders use them when they expect DCBO 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 DCBO implied volatility affect this butterfly?
- DCBO ATM IV is at 63.10% with IV rank near 10.63%, 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.