FIGR Butterfly Strategy
FIGR (Figure Technology Solutions, Inc. Class A Common Stock), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.
Figure Technology Solutions, Inc. develops and operates a blockchain-based consumer lending platform. The company offers a suite of blockchain-based solutions for its marketplaces, including lending, trading, and investing activities. It serves the consumer finance sector. The company was formerly known as FT Intermediate, Inc. and changed its name to Figure Technology Solutions, Inc. in August 2025. The company was founded in 2018 and is based in Reno, Nevada.
FIGR (Figure Technology Solutions, Inc. Class A Common Stock) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $7.36B, a trailing P/E of 49.00, a beta of -0.45 versus the broader market, a 52-week range of 25.01-78, average daily share volume of 5.4M, a public-listing history dating back to 2025, approximately 530 full-time employees. These structural characteristics shape how FIGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.45 indicates FIGR has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 49.00 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a butterfly on FIGR?
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 FIGR snapshot
As of May 15, 2026, spot at $43.95, ATM IV 82.06%, IV rank 19.77%, expected move 23.53%. The butterfly on FIGR 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 28-day expiry.
Why this butterfly structure on FIGR specifically: FIGR IV at 82.06% is on the cheap side of its 1-year range, which favors premium-buying structures like a FIGR butterfly, with a market-implied 1-standard-deviation move of approximately 23.53% (roughly $10.34 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIGR should anchor to the underlying notional of $43.95 per share and to the trader's directional view on FIGR stock.
FIGR butterfly setup
The FIGR 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 FIGR near $43.95, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIGR chain at a 28-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 FIGR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $42.00 | $5.20 |
| Sell 2 | Call | $44.00 | $4.15 |
| Buy 1 | Call | $46.00 | $3.28 |
FIGR butterfly risk and reward
- Net Premium / Debit
- -$17.50
- Max Profit (per contract)
- $164.92
- Max Loss (per contract)
- -$17.50
- Breakeven(s)
- $42.16, $45.83
- Risk / Reward Ratio
- 9.424
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.
FIGR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on FIGR. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$17.50 |
| $9.73 | -77.9% | -$17.50 |
| $19.44 | -55.8% | -$17.50 |
| $29.16 | -33.7% | -$17.50 |
| $38.88 | -11.5% | -$17.50 |
| $48.59 | +10.6% | -$17.50 |
| $58.31 | +32.7% | -$17.50 |
| $68.03 | +54.8% | -$17.50 |
| $77.74 | +76.9% | -$17.50 |
| $87.46 | +99.0% | -$17.50 |
When traders use butterfly on FIGR
Butterflies on FIGR are pinning bets - traders use them when they expect FIGR 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.
FIGR thesis for this butterfly
The market-implied 1-standard-deviation range for FIGR extends from approximately $33.61 on the downside to $54.29 on the upside. A FIGR long call butterfly is a pinning play: it pays maximum at the middle strike if FIGR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FIGR IV rank near 19.77% 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 FIGR at 82.06%. As a Financial Services name, FIGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIGR-specific events.
FIGR 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. FIGR positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FIGR alongside the broader basket even when FIGR-specific fundamentals are unchanged. Always rebuild the position from current FIGR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on FIGR?
- A butterfly on FIGR is the butterfly strategy applied to FIGR (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 FIGR stock trading near $43.95, the strikes shown on this page are snapped to the nearest listed FIGR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FIGR 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 FIGR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 82.06%), the computed maximum profit is $164.92 per contract and the computed maximum loss is -$17.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FIGR butterfly?
- The breakeven for the FIGR butterfly priced on this page is roughly $42.16 and $45.83 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 FIGR market-implied 1-standard-deviation expected move is approximately 23.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on FIGR?
- Butterflies on FIGR are pinning bets - traders use them when they expect FIGR 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 FIGR implied volatility affect this butterfly?
- FIGR ATM IV is at 82.06% with IV rank near 19.77%, 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.