How are HIMS 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 HIMS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 75.61%), the computed maximum profit is $87.40 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HIMS butterfly?

The breakeven for the HIMS butterfly priced on this page is roughly $24.04 and $25.93 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 HIMS market-implied 1-standard-deviation expected move is approximately 21.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current HIMS implied volatility affect this butterfly?

HIMS ATM IV is at 75.61% with IV rank near 22.66%, 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.

HIMS Butterfly Strategy

HIMS (Hims & Hers Health, Inc.), in the Healthcare sector, (Medical - Equipment & Services industry), listed on NYSE.

Hims & Hers Health, Inc. operates a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals. The company offers a range of health and wellness products and services available to purchase on its websites and mobile application directly by customers. It also provides prescription medication on a recurring basis and ongoing care from healthcare providers; and over-the-counter drug and device products, cosmetics, and supplement products, primarily focusing on wellness, sexual health and wellness, skincare, and hair care. The company's curated non-prescription products include vitamin C, melatonin, biotin, and collagen protein supplements in the wellness category; moisturizer, serums, and face wash in the skincare category; condoms, climax delay spray and wipes, vibrators, and lubricants in the sexual health and wellness category; and shampoos, conditioners, scalp scrubs, and topical treatments, such as minoxidil in the hair care category. In addition, it offers medical consultation services, as well as health and wellness products through wholesale partners. The company is based in San Francisco, California.

HIMS (Hims & Hers Health, Inc.) trades in the Healthcare sector, specifically Medical - Equipment & Services, with a market capitalization of approximately $5.30B, a beta of 2.42 versus the broader market, a 52-week range of 13.74-70.43, average daily share volume of 36.5M, a public-listing history dating back to 2019, approximately 2K full-time employees. These structural characteristics shape how HIMS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.42 indicates HIMS 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 HIMS?

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 HIMS snapshot

As of May 15, 2026, spot at $25.07, ATM IV 75.61%, IV rank 22.66%, expected move 21.68%. The butterfly on HIMS 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 HIMS specifically: HIMS IV at 75.61% is on the cheap side of its 1-year range, which favors premium-buying structures like a HIMS butterfly, with a market-implied 1-standard-deviation move of approximately 21.68% (roughly $5.43 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 HIMS expiries trade a higher absolute premium for lower per-day decay. Position sizing on HIMS should anchor to the underlying notional of $25.07 per share and to the trader's directional view on HIMS stock.

HIMS butterfly setup

The HIMS 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 HIMS near $25.07, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HIMS 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 HIMS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$24.00	$2.62
Sell 2	Call	$25.00	$2.02
Buy 1	Call	$26.50	$1.50

HIMS butterfly risk and reward

Net Premium / Debit: -$7.50
Max Profit (per contract): $87.40
Max Loss (per contract): -$57.50
Breakeven(s): $24.04, $25.93
Risk / Reward Ratio: 1.520

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.

HIMS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on HIMS. 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%	-$7.50
$5.55	-77.9%	-$7.50
$11.09	-55.7%	-$7.50
$16.64	-33.6%	-$7.50
$22.18	-11.5%	-$7.50
$27.72	+10.6%	-$57.50
$33.26	+32.7%	-$57.50
$38.80	+54.8%	-$57.50
$44.35	+76.9%	-$57.50
$49.89	+99.0%	-$57.50

When traders use butterfly on HIMS

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

HIMS thesis for this butterfly

The market-implied 1-standard-deviation range for HIMS extends from approximately $19.64 on the downside to $30.50 on the upside. A HIMS long call butterfly is a pinning play: it pays maximum at the middle strike if HIMS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current HIMS IV rank near 22.66% 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 HIMS at 75.61%. As a Healthcare name, HIMS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HIMS-specific events.

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

Frequently asked questions

What is a butterfly on HIMS?: A butterfly on HIMS is the butterfly strategy applied to HIMS (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 HIMS stock trading near $25.07, the strikes shown on this page are snapped to the nearest listed HIMS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are HIMS 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 HIMS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 75.61%), the computed maximum profit is $87.40 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HIMS butterfly?: The breakeven for the HIMS butterfly priced on this page is roughly $24.04 and $25.93 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 HIMS market-implied 1-standard-deviation expected move is approximately 21.68%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on HIMS?: Butterflies on HIMS are pinning bets - traders use them when they expect HIMS 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 HIMS implied volatility affect this butterfly?: HIMS ATM IV is at 75.61% with IV rank near 22.66%, 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.