ITGR Butterfly Strategy
ITGR (Integer Holdings Corporation), in the Healthcare sector, (Medical - Devices industry), listed on NYSE.
Integer Holdings Corporation operates as a medical device outsource manufacturer in the United States, Puerto Rico, Costa Rica, and internationally. It operates through Medical and Non-Medical segments. The company offers products for interventional cardiology, structural heart, heart failure, peripheral vascular, neurovascular, interventional oncology, electrophysiology, vascular access, infusion therapy, hemodialysis, urology, and gastroenterology procedures. It also provides cardiac rhythm management products, including implantable pacemakers, implantable cardioverter defibrillators, insertable cardiac monitors, implantable cardiac pacing and defibrillation leads, and heart failure therapies; neuromodulation products, such as implantable spinal cord stimulators; and non-rechargeable batteries, feedthroughs, device enclosures, machined components, and lead components and sub-assemblies. In addition, the company offers rechargeable batteries and chargers; and arthroscopic, laparoscopic, and general surgery devices and components, such as harmonic scalpels, shaver blades, burr shavers, radio frequency probes, biopsy probes, trocars, electrocautery components, wound dressings, GERD treatment components, and phacoemulsification needles. Further, it provides orthopedic products that include instruments used in hip, knee, and spine surgeries, as well as reamers and chisels.
ITGR (Integer Holdings Corporation) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $3.04B, a trailing P/E of 21.61, a beta of 0.66 versus the broader market, a 52-week range of 62-123.78, average daily share volume of 786K, 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 0.66 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.
Current ITGR snapshot
As of May 15, 2026, spot at $88.73, ATM IV 42.60%, IV rank 6.73%, expected move 12.21%. The butterfly on ITGR 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 98-day expiry.
Why this butterfly structure on ITGR specifically: ITGR IV at 42.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a ITGR butterfly, with a market-implied 1-standard-deviation move of approximately 12.21% (roughly $10.84 on the underlying). The 98-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 $88.73 per share and to the trader's directional view on ITGR stock.
ITGR butterfly setup
The ITGR 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 ITGR near $88.73, the first option leg uses a $85.00 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 98-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 | $85.00 | $11.95 |
| Sell 2 | Call | $90.00 | $9.35 |
| Buy 1 | Call | $95.00 | $7.05 |
ITGR butterfly risk and reward
- Net Premium / Debit
- -$30.00
- Max Profit (per contract)
- $462.74
- Max Loss (per contract)
- -$30.00
- Breakeven(s)
- $85.16, $94.85
- Risk / Reward Ratio
- 15.425
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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$30.00 |
| $19.63 | -77.9% | -$30.00 |
| $39.25 | -55.8% | -$30.00 |
| $58.86 | -33.7% | -$30.00 |
| $78.48 | -11.6% | -$30.00 |
| $98.10 | +10.6% | -$30.00 |
| $117.72 | +32.7% | -$30.00 |
| $137.33 | +54.8% | -$30.00 |
| $156.95 | +76.9% | -$30.00 |
| $176.57 | +99.0% | -$30.00 |
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 $77.89 on the downside to $99.57 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 6.73% 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 ITGR at 42.60%. 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 trading near $88.73, the strikes shown on this page are snapped to the nearest listed ITGR chain strike and the premiums come straight from the end-of-day 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 end-of-day chain at a 30-day expiry (ATM IV 42.60%), the computed maximum profit is $462.74 per contract and the computed maximum loss is -$30.00 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 $85.16 and $94.85 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 ITGR market-implied 1-standard-deviation expected move is approximately 12.21%; 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 42.60% with IV rank near 6.73%, 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.