JOBY Butterfly Strategy
JOBY (Joby Aviation, Inc.), in the Industrials sector, (Airlines, Airports & Air Services industry), listed on NYSE.
Joby Aviation, Inc., a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.
JOBY (Joby Aviation, Inc.) trades in the Industrials sector, specifically Airlines, Airports & Air Services, with a market capitalization of approximately $10.88B, a beta of 2.61 versus the broader market, a 52-week range of 6.42-20.95, average daily share volume of 25.8M, a public-listing history dating back to 2020, approximately 2K full-time employees. These structural characteristics shape how JOBY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.61 indicates JOBY has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a butterfly on JOBY?
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 JOBY snapshot
As of May 15, 2026, spot at $10.41, ATM IV 80.14%, IV rank 38.34%, expected move 22.97%. The butterfly on JOBY 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 28-day expiry.
Why this butterfly structure on JOBY specifically: JOBY IV at 80.14% 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 22.97% (roughly $2.39 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated JOBY expiries trade a higher absolute premium for lower per-day decay. Position sizing on JOBY should anchor to the underlying notional of $10.41 per share and to the trader's directional view on JOBY stock.
JOBY butterfly setup
The JOBY 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 JOBY near $10.41, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed JOBY chain at a 28-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 JOBY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.00 | $1.17 |
| Sell 2 | Call | $10.50 | $0.93 |
| Buy 1 | Call | $11.00 | $0.69 |
JOBY butterfly risk and reward
- Net Premium / Debit
- -$0.50
- Max Profit (per contract)
- $46.23
- Max Loss (per contract)
- -$0.50
- Breakeven(s)
- $9.96, $11.04
- Risk / Reward Ratio
- 92.457
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.
JOBY butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on JOBY. 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 | -99.9% | -$0.50 |
| $2.31 | -77.8% | -$0.50 |
| $4.61 | -55.7% | -$0.50 |
| $6.91 | -33.6% | -$0.50 |
| $9.21 | -11.5% | -$0.50 |
| $11.51 | +10.6% | -$0.50 |
| $13.81 | +32.7% | -$0.50 |
| $16.11 | +54.8% | -$0.50 |
| $18.41 | +76.9% | -$0.50 |
| $20.72 | +99.0% | -$0.50 |
When traders use butterfly on JOBY
Butterflies on JOBY are pinning bets - traders use them when they expect JOBY 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.
JOBY thesis for this butterfly
The market-implied 1-standard-deviation range for JOBY extends from approximately $8.02 on the downside to $12.80 on the upside. A JOBY long call butterfly is a pinning play: it pays maximum at the middle strike if JOBY settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current JOBY IV rank near 38.34% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on JOBY should anchor more to the directional view and the expected-move geometry. As a Industrials name, JOBY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to JOBY-specific events.
JOBY 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. JOBY positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move JOBY alongside the broader basket even when JOBY-specific fundamentals are unchanged. Always rebuild the position from current JOBY chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on JOBY?
- A butterfly on JOBY is the butterfly strategy applied to JOBY (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 JOBY stock trading near $10.41, the strikes shown on this page are snapped to the nearest listed JOBY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are JOBY 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 JOBY butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 80.14%), the computed maximum profit is $46.23 per contract and the computed maximum loss is -$0.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a JOBY butterfly?
- The breakeven for the JOBY butterfly priced on this page is roughly $9.96 and $11.04 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 JOBY market-implied 1-standard-deviation expected move is approximately 22.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on JOBY?
- Butterflies on JOBY are pinning bets - traders use them when they expect JOBY 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 JOBY implied volatility affect this butterfly?
- JOBY ATM IV is at 80.14% with IV rank near 38.34%, 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.