GLAS Butterfly Strategy
GLAS (Glass House Brands Inc), in the Basic Materials sector, (Agricultural Inputs industry), listed on NYSE.
Glass House Brands, Inc. operates as an integrated cannabis company in the United States with focus on the California market and building brands to serve consumers across various segments. The company is involved in greenhouse cultivation operations, manufacturing practices, brand-building, and retailing activities. The company offers its cannabis products through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell, Forbidden Flowers, and Mama Sue Wellness. The company was founded by Kyle Kazan, Graham Farrar and Jocelyn Rosenwald in 2015 and is headquartered in Long Beach, CA.
GLAS (Glass House Brands Inc) trades in the Basic Materials sector, specifically Agricultural Inputs, with a market capitalization of approximately $796.7M, a beta of 0.51 versus the broader market, a 52-week range of 9.12-13.19, average daily share volume of 376K, a public-listing history dating back to 2026, approximately 392 full-time employees. These structural characteristics shape how GLAS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.51 indicates GLAS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on GLAS?
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.
GLAS snapshot
As of August 14, 2026, spot at $9.47, ATM IV 81.90%, expected move 23.48%. The butterfly on GLAS below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on GLAS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for GLAS is inferred from ATM IV at 81.90% alone, with a market-implied 1-standard-deviation move of approximately 23.48% (roughly $2.22 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated GLAS expiries trade a higher absolute premium for lower per-day decay. Position sizing on GLAS should anchor to the underlying notional of $9.47 per share and to the trader's directional view on GLAS stock.
GLAS butterfly setup
The GLAS 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 GLAS at $9.47 on that close, the first option leg uses a $9.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed GLAS chain at a 35-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 GLAS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $9.00 | N/A |
| Sell 2 | Call | $9.47 | N/A |
| Buy 1 | Call | $9.94 | N/A |
GLAS 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.
GLAS butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on GLAS. 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 GLAS
Butterflies on GLAS are pinning bets - traders use them when they expect GLAS 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.
GLAS thesis for this butterfly
The market-implied 1-standard-deviation range for GLAS extends from approximately $7.25 on the downside to $11.69 on the upside. A GLAS long call butterfly is a pinning play: it pays maximum at the middle strike if GLAS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Basic Materials name, GLAS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to GLAS-specific events.
GLAS 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. GLAS positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move GLAS alongside the broader basket even when GLAS-specific fundamentals are unchanged. Always rebuild the position from current GLAS chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on GLAS?
- A butterfly on GLAS is the butterfly strategy applied to GLAS (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 GLAS stock at $9.47 on the most recent close, the strikes shown on this page are snapped to the nearest listed GLAS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are GLAS 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 GLAS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 81.90%), 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 GLAS butterfly?
- The breakeven for the GLAS butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 GLAS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on GLAS?
- Butterflies on GLAS are pinning bets - traders use them when they expect GLAS 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 GLAS implied volatility affect this butterfly?
- Current GLAS ATM IV is 81.90%; IV rank context is unavailable in the current snapshot.