INTA Butterfly Strategy
INTA (Intapp, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Intapp, Inc., through its subsidiary, Integration Appliance, Inc., provides AI-powered solutions in the United States, the United Kingdom, and internationally. It provides DealCloud that manages client relationships, prospective clients, investments, and current engagements, as well as provides customer relationship management, deal management, experience management, and relationship intelligence solutions. The company also offers compliance products that help firms thoroughly evaluate new business, onboard clients quickly, and monitor relationships for risk throughout their business lifecycle; and time solutions provides AI-enabled software solutions that include time capture, enhance billing, and facilitate compliance with client requirements. In addition, it provides collaboration products that offer intelligent client-centric teamwork with Microsoft 365, Teams, and SharePoint; a unified system for managing emails, documents, chats, and tasks; and Assist, an AI-driven transformation that integrates advanced machine learning and natural language processing into Intapp products, such as Intapp DealCloud and Intapp Terms, as well as streamlines critical workflows, enhances decision-making, and delivers measurable results. Further, the company operates technology platforms, such as cloud-based architecture, low-code configurability and personalized UX, applied AI, and industry-specific data architecture. It serves private capital, investment banking, legal, accounting, and consulting firms, and real assets.
INTA (Intapp, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $1.93B, a beta of 0.48 versus the broader market, a 52-week range of 19.01-52.04, average daily share volume of 1.0M, a public-listing history dating back to 2021, approximately 1K full-time employees. These structural characteristics shape how INTA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.48 indicates INTA 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 INTA?
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 INTA snapshot
As of June 30, 2026, spot at $25.15, ATM IV 71.30%, IV rank 32.19%, expected move 20.44%. The butterfly on INTA 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 17-day expiry.
Why this butterfly structure on INTA specifically: INTA IV at 71.30% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 20.44% (roughly $5.14 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated INTA expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTA should anchor to the underlying notional of $25.15 per share and to the trader's directional view on INTA stock.
INTA butterfly setup
The INTA 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 INTA near $25.15, the first option leg uses a $23.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTA chain at a 17-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 INTA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.89 | N/A |
| Sell 2 | Call | $25.15 | N/A |
| Buy 1 | Call | $26.41 | N/A |
INTA 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.
INTA butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on INTA. 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 INTA
Butterflies on INTA are pinning bets - traders use them when they expect INTA 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.
INTA thesis for this butterfly
The market-implied 1-standard-deviation range for INTA extends from approximately $20.01 on the downside to $30.29 on the upside. A INTA long call butterfly is a pinning play: it pays maximum at the middle strike if INTA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INTA IV rank near 32.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on INTA should anchor more to the directional view and the expected-move geometry. As a Technology name, INTA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTA-specific events.
INTA 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. INTA positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INTA alongside the broader basket even when INTA-specific fundamentals are unchanged. Always rebuild the position from current INTA chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on INTA?
- A butterfly on INTA is the butterfly strategy applied to INTA (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 INTA stock trading near $25.15, the strikes shown on this page are snapped to the nearest listed INTA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INTA 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 INTA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 71.30%), 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 INTA butterfly?
- The breakeven for the INTA 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 INTA market-implied 1-standard-deviation expected move is approximately 20.44%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on INTA?
- Butterflies on INTA are pinning bets - traders use them when they expect INTA 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 INTA implied volatility affect this butterfly?
- INTA ATM IV is at 71.30% with IV rank near 32.19%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.