INR Butterfly Strategy
INR (Infinity Natural Resources, Inc.), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NYSE.
Infinity Natural Resources, Inc. engages in the acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids from underground reservoirs in the United States. The company holds interests in the Utica Shale Oil covering an area of approximately 63,000 net surface acres located in Ohio; and the Marcellus Shale Dry Gas covering an area of approximately 31,000 net surface acres and the Utica Deep Dry Gas covering an area of 30,029 net acres situated in Pennsylvania. Infinity Natural Resources, Inc. was founded in 2017 and is based in Morgantown, West Virginia.
INR (Infinity Natural Resources, Inc.) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $227.5M, a trailing P/E of 0.05, a beta of -0.34 versus the broader market, a 52-week range of 11.13-19.899, average daily share volume of 297K, a public-listing history dating back to 2025, approximately 80 full-time employees. These structural characteristics shape how INR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.34 indicates INR 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 0.05 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a butterfly on INR?
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 INR snapshot
As of May 15, 2026, spot at $15.26, ATM IV 33.20%, expected move 9.52%. The butterfly on INR 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 INR specifically: IV rank is unavailable in the current snapshot, so regime-based timing for INR is inferred from ATM IV at 33.20% alone, with a market-implied 1-standard-deviation move of approximately 9.52% (roughly $1.45 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 INR expiries trade a higher absolute premium for lower per-day decay. Position sizing on INR should anchor to the underlying notional of $15.26 per share and to the trader's directional view on INR stock.
INR butterfly setup
The INR 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 INR near $15.26, the first option leg uses a $14.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INR 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 INR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $14.50 | N/A |
| Sell 2 | Call | $15.26 | N/A |
| Buy 1 | Call | $16.02 | N/A |
INR 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.
INR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on INR. 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 INR
Butterflies on INR are pinning bets - traders use them when they expect INR 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.
INR thesis for this butterfly
The market-implied 1-standard-deviation range for INR extends from approximately $13.81 on the downside to $16.71 on the upside. A INR long call butterfly is a pinning play: it pays maximum at the middle strike if INR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Energy name, INR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INR-specific events.
INR 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. INR positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INR alongside the broader basket even when INR-specific fundamentals are unchanged. Always rebuild the position from current INR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on INR?
- A butterfly on INR is the butterfly strategy applied to INR (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 INR stock trading near $15.26, the strikes shown on this page are snapped to the nearest listed INR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INR 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 INR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 33.20%), 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 INR butterfly?
- The breakeven for the INR 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 INR market-implied 1-standard-deviation expected move is approximately 9.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on INR?
- Butterflies on INR are pinning bets - traders use them when they expect INR 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 INR implied volatility affect this butterfly?
- Current INR ATM IV is 33.20%; IV rank context is unavailable in the current snapshot.