INTT Butterfly Strategy
INTT (inTEST Corporation), in the Technology sector, (Semiconductors industry), listed on AMEX.
inTEST Corporation supplies test and process solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets worldwide. The company operates through two segments, Thermal Products (Thermal) and Electromechanical Semiconductor Products (EMS). The Thermal segment offers ThermoStream products that are used in the semi market as a stand-alone temperature management tool, or in various electronic test applications; Thermal Chambers; Thermal Platforms; Thermonics temperature conditioning products that provide tempered gas or fluid; ultra-cold storage solutions, including biomedical freezers, refrigerators, and mobile storage solutions; EKOHEAT and EASYHEAT induction heating systems; and digital streaming and image capturing solutions. The EMS segment provides in2, Cobal, and LS series manipulators that hold various test heads and enable an operator to reposition a test head for alternate use with various probers or handlers on a test floor; and docking hardware products, which protect the interface contacts and ensure proper repeatable and precise alignment between the test head's interface board and the prober's probing assembly or the handler's test socket. This segment also offers tester interfaces that provide electrical connections between the tester and the wafer prober or integrated circuit (IC) handler; and scorpion flying probe test systems, which designs and manufactures robotics-based electronic test equipment, as well as provides application support services. Its products are used in production testing of wafers and specialized packaged ICs in back-end testing by semiconductor manufacturers.
INTT (inTEST Corporation) trades in the Technology sector, specifically Semiconductors, with a market capitalization of approximately $236.3M, a trailing P/E of 390.01, a beta of 1.55 versus the broader market, a 52-week range of 5.64-20, average daily share volume of 228K, a public-listing history dating back to 1997, approximately 393 full-time employees. These structural characteristics shape how INTT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.55 indicates INTT has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 390.01 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 INTT?
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 INTT snapshot
As of May 15, 2026, spot at $18.83, ATM IV 93.90%, IV rank 54.40%, expected move 26.92%. The butterfly on INTT 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 INTT specifically: INTT IV at 93.90% 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 26.92% (roughly $5.07 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 INTT expiries trade a higher absolute premium for lower per-day decay. Position sizing on INTT should anchor to the underlying notional of $18.83 per share and to the trader's directional view on INTT stock.
INTT butterfly setup
The INTT 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 INTT near $18.83, the first option leg uses a $17.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed INTT 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 INTT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $17.89 | N/A |
| Sell 2 | Call | $18.83 | N/A |
| Buy 1 | Call | $19.77 | N/A |
INTT 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.
INTT butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on INTT. 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 INTT
Butterflies on INTT are pinning bets - traders use them when they expect INTT 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.
INTT thesis for this butterfly
The market-implied 1-standard-deviation range for INTT extends from approximately $13.76 on the downside to $23.90 on the upside. A INTT long call butterfly is a pinning play: it pays maximum at the middle strike if INTT settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current INTT IV rank near 54.40% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on INTT should anchor more to the directional view and the expected-move geometry. As a Technology name, INTT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to INTT-specific events.
INTT 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. INTT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move INTT alongside the broader basket even when INTT-specific fundamentals are unchanged. Always rebuild the position from current INTT chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on INTT?
- A butterfly on INTT is the butterfly strategy applied to INTT (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 INTT stock trading near $18.83, the strikes shown on this page are snapped to the nearest listed INTT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are INTT 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 INTT butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 93.90%), 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 INTT butterfly?
- The breakeven for the INTT 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 INTT market-implied 1-standard-deviation expected move is approximately 26.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on INTT?
- Butterflies on INTT are pinning bets - traders use them when they expect INTT 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 INTT implied volatility affect this butterfly?
- INTT ATM IV is at 93.90% with IV rank near 54.40%, 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.