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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $397.34 per contract and the computed maximum loss is -$65.00 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 $85.65 and $94.37 at expiration, derived from the August 14, 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 HAE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.26%; 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 35.80% with IV rank near 4.71%, 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.

HAE Butterfly Strategy

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

Haemonetics Corporation is a healthcare enterprise dedicated to providing medical products and comprehensive solutions, structured into three main business areas: Plasma, Blood Center, and Hospital. In its Plasma segment, the company develops automated plasma collection systems, exemplified by the NexSys PCS and PCS2 devices, along with necessary disposables and intravenous solutions. It also offers integrated information technology platforms and the NexLynk DMS donor management system to help plasma customers efficiently manage their donors, operations, and supply chains. The Blood Center division provides advanced automated blood component and manual whole blood collection technologies. This includes MCS brand apheresis equipment for selectively collecting blood components, as well as disposable kits for whole blood collection and storage. Its software offerings feature the SafeTrace Tx blood bank information system and BloodTrack, a sophisticated suite of blood management software and hardware designed to enhance hospital blood bank functionalities and facilitate bedside transfusions.

HAE (Haemonetics Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $4.15B, a trailing P/E of 43.03, a beta of 0.52 versus the broader market, a 52-week range of 47.32-91.39, average daily share volume of 831K, a public-listing history dating back to 1991, approximately 3K 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 0.52 indicates HAE 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 43.03 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 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.

HAE snapshot

As of August 14, 2026, spot at $90.99, ATM IV 35.80%, IV rank 4.71%, expected move 10.26%. The butterfly on HAE below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 126-day expiry.

Why this butterfly structure on HAE specifically: HAE IV at 35.80% 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 10.26% (roughly $9.34 on the underlying). The 126-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 $90.99 per share and to the trader's directional view on HAE stock.

HAE butterfly setup

The HAE butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HAE at $90.99 on that close, the first option leg uses a $85.00 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 126-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	$85.00	$12.95
Sell 2	Call	$90.00	$10.15
Buy 1	Call	$95.00	$8.00

HAE butterfly risk and reward

Net Premium / Debit: -$65.00
Max Profit (per contract): $397.34
Max Loss (per contract): -$65.00
Breakeven(s): $85.65, $94.37
Risk / Reward Ratio: 6.113

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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$65.00
$20.13	-77.9%	-$65.00
$40.24	-55.8%	-$65.00
$60.36	-33.7%	-$65.00
$80.48	-11.6%	-$65.00
$100.60	+10.6%	-$65.00
$120.71	+32.7%	-$65.00
$140.83	+54.8%	-$65.00
$160.95	+76.9%	-$65.00
$181.07	+99.0%	-$65.00

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 $81.65 on the downside to $100.33 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 4.71% 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 HAE at 35.80%. 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 at $90.99 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HAE chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 35.80%), the computed maximum profit is $397.34 per contract and the computed maximum loss is -$65.00 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 $85.65 and $94.37 at expiration, derived from the August 14, 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 HAE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.26%; 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 35.80% with IV rank near 4.71%, 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.