DHX Butterfly Strategy
DHX (DHI Group, Inc.), in the Industrials sector, (Staffing & Employment Services industry), listed on NYSE.
DHI Group, Inc. provides data, insights, and employment connections through specialized services for technology professionals in the United States, the United Kingdom, rest of Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company operates Dice that offers job postings of technology and non-technology companies for industries, such as positions for software engineers, big data professionals, systems administrators, database specialists, project managers, and other technology and engineering professionals; and ClearanceJobs, an Internet-based career network, which matches security-cleared professionals with hiring companies searching for employees. It also provides eFinancialCareers, a financial services careers Website for financial services industry professionals from various sectors, including asset management, risk management, investment banking, and information technology. The company serves small, mid-sized, and large direct employers; staffing companies; recruiting agencies; consulting firms; and marketing departments of companies. The company was formerly known as Dice Holdings, Inc. and changed its name to DHI Group, Inc. in April 2015. DHI Group, Inc. was founded in 1991 and is headquartered in Centennial, Colorado.
DHX (DHI Group, Inc.) trades in the Industrials sector, specifically Staffing & Employment Services, with a market capitalization of approximately $157.2M, a beta of 1.11 versus the broader market, a 52-week range of 1.44-3.99, average daily share volume of 318K, a public-listing history dating back to 2007, approximately 414 full-time employees. These structural characteristics shape how DHX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.11 places DHX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on DHX?
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 DHX snapshot
As of May 15, 2026, spot at $3.62, ATM IV 172.60%, IV rank 33.46%, expected move 49.48%. The butterfly on DHX 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 DHX specifically: DHX IV at 172.60% 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 49.48% (roughly $1.79 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 DHX expiries trade a higher absolute premium for lower per-day decay. Position sizing on DHX should anchor to the underlying notional of $3.62 per share and to the trader's directional view on DHX stock.
DHX butterfly setup
The DHX 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 DHX near $3.62, the first option leg uses a $3.44 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DHX 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 DHX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.44 | N/A |
| Sell 2 | Call | $3.62 | N/A |
| Buy 1 | Call | $3.80 | N/A |
DHX 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.
DHX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on DHX. 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 DHX
Butterflies on DHX are pinning bets - traders use them when they expect DHX 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.
DHX thesis for this butterfly
The market-implied 1-standard-deviation range for DHX extends from approximately $1.83 on the downside to $5.41 on the upside. A DHX long call butterfly is a pinning play: it pays maximum at the middle strike if DHX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current DHX IV rank near 33.46% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on DHX should anchor more to the directional view and the expected-move geometry. As a Industrials name, DHX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DHX-specific events.
DHX 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. DHX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DHX alongside the broader basket even when DHX-specific fundamentals are unchanged. Always rebuild the position from current DHX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on DHX?
- A butterfly on DHX is the butterfly strategy applied to DHX (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 DHX stock trading near $3.62, the strikes shown on this page are snapped to the nearest listed DHX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are DHX 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 DHX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 172.60%), 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 DHX butterfly?
- The breakeven for the DHX 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 DHX market-implied 1-standard-deviation expected move is approximately 49.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on DHX?
- Butterflies on DHX are pinning bets - traders use them when they expect DHX 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 DHX implied volatility affect this butterfly?
- DHX ATM IV is at 172.60% with IV rank near 33.46%, 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.