How are HAE 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 HAE butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 44.10%), the computed maximum profit is $287.50 per contract and the computed maximum loss is -$212.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HAE butterfly?

The breakeven for the HAE butterfly priced on this page is roughly $57.88 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 HAE market-implied 1-standard-deviation expected move is approximately 12.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HAE implied volatility affect this butterfly?

HAE ATM IV is at 44.10% with IV rank near 6.49%, 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.

HAE Butterfly Strategy

HAE (Haemonetics Corporation), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NYSE.

Haemonetics Corporation, a healthcare company, provides medical products and solutions. It operates through three segments: Plasma, Blood Center, and Hospital. The company offers automated plasma collection devices, related disposables, and software, including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and intravenous solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system. It also provides automated blood component and manual whole blood collection systems, such as MCS brand apheresis equipment to collect specific blood components from the donor; disposable whole blood collection and component storage sets; SafeTrace Tx blood bank information system; and BloodTrack blood management software, a suite of blood management and bedside transfusion solutions that combines software with hardware components, as well as an extension of the hospital's blood bank information system. In addition, the company offers hospital products comprising TEG, ClotPro, and HAS hemostasis analyzer systems that provide a comprehensive assessment of a patient's overall hemostasis; TEG Manager software, which connects various TEG analyzers throughout the hospital, providing clinicians remote access to active and historical test results that inform treatment decisions; and Cell Saver Elite +, an autologous blood recovery system for cardiovascular, orthopedic, trauma, transplant, vascular, obstetrical, and gynecological surgeries. It markets and sells its products through direct sales force, independent distributors, and sales representatives.

HAE (Haemonetics Corporation) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $2.65B, a trailing P/E of 27.08, a beta of 0.53 versus the broader market, a 52-week range of 47.32-87.32, average daily share volume of 764K, a public-listing history dating back to 1991, approximately 4K full-time employees. These structural characteristics shape how HAE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.53 indicates HAE 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 HAE?

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 HAE snapshot

As of May 15, 2026, spot at $56.80, ATM IV 44.10%, IV rank 6.49%, expected move 12.64%. The butterfly on HAE 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 HAE specifically: HAE IV at 44.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a HAE butterfly, with a market-implied 1-standard-deviation move of approximately 12.64% (roughly $7.18 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 HAE expiries trade a higher absolute premium for lower per-day decay. Position sizing on HAE should anchor to the underlying notional of $56.80 per share and to the trader's directional view on HAE stock.

HAE butterfly setup

The HAE 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 HAE near $56.80, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HAE 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 HAE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$55.00	$4.45
Sell 2	Call	$55.00	$4.45
Buy 1	Call	$60.00	$1.58

HAE butterfly risk and reward

Net Premium / Debit: +$287.50
Max Profit (per contract): $287.50
Max Loss (per contract): -$212.50
Breakeven(s): $57.88
Risk / Reward Ratio: 1.353

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.

HAE butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on HAE. 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%	+$287.50
$12.57	-77.9%	+$287.50
$25.13	-55.8%	+$287.50
$37.68	-33.7%	+$287.50
$50.24	-11.5%	+$287.50
$62.80	+10.6%	-$212.50
$75.36	+32.7%	-$212.50
$87.91	+54.8%	-$212.50
$100.47	+76.9%	-$212.50
$113.03	+99.0%	-$212.50

When traders use butterfly on HAE

Butterflies on HAE are pinning bets - traders use them when they expect HAE 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.

HAE thesis for this butterfly

The market-implied 1-standard-deviation range for HAE extends from approximately $49.62 on the downside to $63.98 on the upside. A HAE long call butterfly is a pinning play: it pays maximum at the middle strike if HAE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current HAE IV rank near 6.49% 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 HAE at 44.10%. As a Healthcare name, HAE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HAE-specific events.

HAE 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. HAE positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HAE alongside the broader basket even when HAE-specific fundamentals are unchanged. Always rebuild the position from current HAE chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on HAE?: A butterfly on HAE is the butterfly strategy applied to HAE (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 HAE stock trading near $56.80, the strikes shown on this page are snapped to the nearest listed HAE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HAE 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 HAE butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 44.10%), the computed maximum profit is $287.50 per contract and the computed maximum loss is -$212.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HAE butterfly?: The breakeven for the HAE butterfly priced on this page is roughly $57.88 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 HAE market-implied 1-standard-deviation expected move is approximately 12.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on HAE?: Butterflies on HAE are pinning bets - traders use them when they expect HAE 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 HAE implied volatility affect this butterfly?: HAE ATM IV is at 44.10% with IV rank near 6.49%, 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.