ENOV Butterfly Strategy
ENOV (Enovis Corporation), in the Industrials sector, (Industrial - Machinery industry), listed on NYSE.
Enovis Corporation operates as a medical technology company worldwide. It develops, manufactures, and distributes medical device products used by orthopedic specialists, surgeons, primary care physicians, pain management specialists, physical therapists, podiatrists, chiropractors, athletic trainers, and other healthcare professionals to treat patients with musculoskeletal conditions resulting from degenerative diseases, deformities, traumatic events, and sports related injuries. It offers rigid and soft orthopedic bracings, hot and cold therapy products, bone growth stimulators, vascular therapy systems and compression garments, therapeutic shoes and inserts, electrical stimulators used for pain management, and physical therapy products; and a suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger. Enovis Corporation sells its products through independent distributors, such as healthcare professionals, consumer retail stores, and pharmacies; and directly under the DJO brand. The company was formerly known as Colfax Corporation. Enovis Corporation is headquartered in Wilmington, Delaware.
ENOV (Enovis Corporation) trades in the Industrials sector, specifically Industrial - Machinery, with a market capitalization of approximately $1.48B, a beta of 1.52 versus the broader market, a 52-week range of 21-36.82, average daily share volume of 998K, a public-listing history dating back to 2008, approximately 7K full-time employees. These structural characteristics shape how ENOV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.52 indicates ENOV has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on ENOV?
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 ENOV snapshot
As of May 15, 2026, spot at $24.47, ATM IV 65.60%, IV rank 25.71%, expected move 18.81%. The butterfly on ENOV 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 ENOV specifically: ENOV IV at 65.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a ENOV butterfly, with a market-implied 1-standard-deviation move of approximately 18.81% (roughly $4.60 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 ENOV expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENOV should anchor to the underlying notional of $24.47 per share and to the trader's directional view on ENOV stock.
ENOV butterfly setup
The ENOV 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 ENOV near $24.47, the first option leg uses a $23.25 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENOV 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 ENOV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.25 | N/A |
| Sell 2 | Call | $24.47 | N/A |
| Buy 1 | Call | $25.69 | N/A |
ENOV 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.
ENOV butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ENOV. 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 ENOV
Butterflies on ENOV are pinning bets - traders use them when they expect ENOV 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.
ENOV thesis for this butterfly
The market-implied 1-standard-deviation range for ENOV extends from approximately $19.87 on the downside to $29.07 on the upside. A ENOV long call butterfly is a pinning play: it pays maximum at the middle strike if ENOV settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ENOV IV rank near 25.71% 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 ENOV at 65.60%. As a Industrials name, ENOV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENOV-specific events.
ENOV 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. ENOV positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ENOV alongside the broader basket even when ENOV-specific fundamentals are unchanged. Always rebuild the position from current ENOV chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ENOV?
- A butterfly on ENOV is the butterfly strategy applied to ENOV (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 ENOV stock trading near $24.47, the strikes shown on this page are snapped to the nearest listed ENOV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ENOV 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 ENOV butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 65.60%), 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 ENOV butterfly?
- The breakeven for the ENOV 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 ENOV market-implied 1-standard-deviation expected move is approximately 18.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ENOV?
- Butterflies on ENOV are pinning bets - traders use them when they expect ENOV 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 ENOV implied volatility affect this butterfly?
- ENOV ATM IV is at 65.60% with IV rank near 25.71%, 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.