How are ITGR 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 ITGR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 363.90%), the computed maximum profit is $248.50 per contract and the computed maximum loss is -$227.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ITGR butterfly?

The breakeven for the ITGR butterfly priced on this page is roughly $122.27 and $127.73 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ITGR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 104.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ITGR implied volatility affect this butterfly?

ITGR ATM IV is at 363.90% with IV rank near 75.25%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

ITGR Butterfly Strategy

ITGR (Integer Holdings Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NYSE.

Integer Holdings Corporation functions as a global leader in outsourced medical device manufacturing, maintaining operations across the United States, Puerto Rico, Costa Rica, and other international regions. The company organizes its business into two primary divisions: Medical and Non-Medical. Within its Medical segment, Integer delivers a broad array of devices and components essential for numerous advanced medical procedures. These solutions cater to areas such as interventional cardiology, structural heart conditions, heart failure management, peripheral and neurovascular interventions, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, urology, and gastroenterology. Their extensive product portfolio includes cardiac rhythm management devices like implantable pacemakers, defibrillators, cardiac monitors, leads, and heart failure therapies. They also produce neuromodulation devices, such as implantable spinal cord stimulators, alongside critical components like non-rechargeable batteries, feedthroughs, device enclosures, precision-machined parts, and lead sub-assemblies.

ITGR (Integer Holdings Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $4.25B, a trailing P/E of 33.18, a beta of 0.61 versus the broader market, a 52-week range of 62-126.14, average daily share volume of 765K, a public-listing history dating back to 2000, approximately 11K full-time employees. These structural characteristics shape how ITGR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.61 indicates ITGR 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 ITGR?

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.

ITGR snapshot

As of August 14, 2026, spot at $125.38, ATM IV 363.90%, IV rank 75.25%, expected move 104.33%. The butterfly on ITGR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.

Why this butterfly structure on ITGR specifically: ITGR IV at 363.90% is rich versus its 1-year range, which makes a premium-buying ITGR butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 104.33% (roughly $130.81 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ITGR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ITGR should anchor to the underlying notional of $125.38 per share and to the trader's directional view on ITGR stock.

ITGR butterfly setup

The ITGR butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ITGR at $125.38 on that close, the first option leg uses a $120.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ITGR chain at a 7-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 ITGR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$120.00	$5.20
Sell 2	Call	$125.00	$1.49
Buy 1	Call	$130.00	$0.05

ITGR butterfly risk and reward

Net Premium / Debit: -$227.00
Max Profit (per contract): $248.50
Max Loss (per contract): -$227.00
Breakeven(s): $122.27, $127.73
Risk / Reward Ratio: 1.095

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.

ITGR butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on ITGR. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$227.00
$27.73	-77.9%	-$227.00
$55.45	-55.8%	-$227.00
$83.17	-33.7%	-$227.00
$110.89	-11.6%	-$227.00
$138.62	+10.6%	-$227.00
$166.34	+32.7%	-$227.00
$194.06	+54.8%	-$227.00
$221.78	+76.9%	-$227.00
$249.50	+99.0%	-$227.00

When traders use butterfly on ITGR

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

ITGR thesis for this butterfly

The market-implied 1-standard-deviation range for ITGR extends from approximately $-5.43 on the downside to $256.19 on the upside. A ITGR long call butterfly is a pinning play: it pays maximum at the middle strike if ITGR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current ITGR IV rank near 75.25% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ITGR at 363.90%. As a Healthcare name, ITGR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ITGR-specific events.

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

Frequently asked questions

What is a butterfly on ITGR?: A butterfly on ITGR is the butterfly strategy applied to ITGR (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 ITGR stock at $125.38 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ITGR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ITGR 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 ITGR butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 363.90%), the computed maximum profit is $248.50 per contract and the computed maximum loss is -$227.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ITGR butterfly?: The breakeven for the ITGR butterfly priced on this page is roughly $122.27 and $127.73 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ITGR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 104.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on ITGR?: Butterflies on ITGR are pinning bets - traders use them when they expect ITGR 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 ITGR implied volatility affect this butterfly?: ITGR ATM IV is at 363.90% with IV rank near 75.25%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.