INGM Butterfly Strategy
INGM (Ingram Micro Holding Corporation), in the Technology sector, (Information Technology Services industry), listed on NYSE.
Ingram Micro Holding Corporation, operating globally through its various subsidiaries, delivers a broad spectrum of technology services and solutions. Its client base spans vendors, resellers, and retailers across regions such as North America, Europe, the Middle East, Africa, Asia-Pacific, and Latin America. The company offers a comprehensive Ingram Micro Cloud Marketplace portfolio, featuring a wide array of third-party cloud-based services and subscription products accessible via its Ingram Micro Xvantage platform. Beyond these, it also furnishes crucial support services like training, IT asset disposition (ITAD), reverse logistics, repair, and various financial solutions. For both corporate and individual consumers, Ingram Micro supplies a range of client and endpoint technologies. These encompass devices such as desktop PCs, laptops, and tablets, alongside printers, various application software, and a selection of peripherals and accessories.
INGM (Ingram Micro Holding Corporation) trades in the Technology sector, specifically Information Technology Services, with a market capitalization of approximately $6.38B, a trailing P/E of 17.98, a beta of 1.79 versus the broader market, a 52-week range of 18.09-31.69, average daily share volume of 1.6M, a public-listing history dating back to 2024, approximately 24K full-time employees. These structural characteristics shape how INGM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.79 indicates INGM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. INGM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on INGM?
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 INGM snapshot
As of June 29, 2026, spot at $27.52, ATM IV 46.10%, IV rank 12.41%, expected move 13.22%. The butterfly on INGM 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 18-day expiry.
Why this butterfly structure on INGM specifically: INGM IV at 46.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a INGM butterfly, with a market-implied 1-standard-deviation move of approximately 13.22% (roughly $3.64 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INGM expiries trade a higher absolute premium for lower per-day decay. Position sizing on INGM should anchor to the underlying notional of $27.52 per share and to the trader's directional view on INGM stock.
INGM butterfly setup
The INGM 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 INGM near $27.52, the first option leg uses a $26.14 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INGM chain at a 18-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 INGM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $26.14 | N/A |
| Sell 2 | Call | $27.52 | N/A |
| Buy 1 | Call | $28.90 | N/A |
INGM 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.
INGM butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on INGM. 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 INGM
Butterflies on INGM are pinning bets - traders use them when they expect INGM 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.
INGM thesis for this butterfly
The market-implied 1-standard-deviation range for INGM extends from approximately $23.88 on the downside to $31.16 on the upside. A INGM long call butterfly is a pinning play: it pays maximum at the middle strike if INGM settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INGM IV rank near 12.41% 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 INGM at 46.10%. As a Technology name, INGM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INGM-specific events.
INGM 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. INGM positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INGM alongside the broader basket even when INGM-specific fundamentals are unchanged. Always rebuild the position from current INGM chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on INGM?
- A butterfly on INGM is the butterfly strategy applied to INGM (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 INGM stock trading near $27.52, the strikes shown on this page are snapped to the nearest listed INGM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INGM 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 INGM butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 46.10%), 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 INGM butterfly?
- The breakeven for the INGM butterfly priced on this page is no defined breakeven on the modeled curve 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 INGM market-implied 1-standard-deviation expected move is approximately 13.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on INGM?
- Butterflies on INGM are pinning bets - traders use them when they expect INGM 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 INGM implied volatility affect this butterfly?
- INGM ATM IV is at 46.10% with IV rank near 12.41%, 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.