ENVX Butterfly Strategy
ENVX (Enovix Corporation), in the Industrials sector, (Electrical Equipment & Parts industry), listed on NASDAQ.
Founded in 2007 and based in Fremont, California, Enovix Corporation specializes in the innovation, development, and production of lithium-ion battery technology.
ENVX (Enovix Corporation) trades in the Industrials sector, specifically Electrical Equipment & Parts, with a market capitalization of approximately $351.1M, a beta of 2.39 versus the broader market, a 52-week range of 1.53-9.19, average daily share volume of 8.2M, a public-listing history dating back to 2021, approximately 664 full-time employees. These structural characteristics shape how ENVX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.39 indicates ENVX 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 ENVX?
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.
ENVX snapshot
As of November 13, 2026, spot at $1.83, ATM IV 100.39%, IV rank 41.18%, expected move 28.78%. The butterfly on ENVX below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 63-day expiry.
Why this butterfly structure on ENVX specifically: ENVX IV at 100.39% 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 28.78% (roughly $0.53 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ENVX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENVX should anchor to the underlying notional of $1.83 per share and to the trader's directional view on ENVX stock.
ENVX butterfly setup
The ENVX butterfly below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ENVX at $1.83 on that close, the first option leg uses a $1.74 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENVX chain at a 63-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 ENVX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.74 | N/A |
| Sell 2 | Call | $1.83 | N/A |
| Buy 1 | Call | $1.92 | N/A |
ENVX 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.
ENVX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on ENVX. 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 ENVX
Butterflies on ENVX are pinning bets - traders use them when they expect ENVX 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.
ENVX thesis for this butterfly
The market-implied 1-standard-deviation range for ENVX extends from approximately $1.30 on the downside to $2.36 on the upside. A ENVX long call butterfly is a pinning play: it pays maximum at the middle strike if ENVX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ENVX IV rank near 41.18% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on ENVX should anchor more to the directional view and the expected-move geometry. As a Industrials name, ENVX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENVX-specific events.
ENVX 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. ENVX positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ENVX alongside the broader basket even when ENVX-specific fundamentals are unchanged. Always rebuild the position from current ENVX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on ENVX?
- A butterfly on ENVX is the butterfly strategy applied to ENVX (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 ENVX stock at $1.83 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed ENVX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ENVX 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 ENVX butterfly priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV 100.39%), 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 ENVX butterfly?
- The breakeven for the ENVX butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the November 13, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ENVX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 28.78%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on ENVX?
- Butterflies on ENVX are pinning bets - traders use them when they expect ENVX 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 ENVX implied volatility affect this butterfly?
- ENVX ATM IV is at 100.39% with IV rank near 41.18%, 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.