KLTR Butterfly Strategy
KLTR (Kaltura, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Kaltura, Inc., together with its subsidiaries, provides various software-as-a-service (SaaS) products and solutions and a platform-as-a-service (PaaS) in the United States, Europe, the Middle East, Africa, and internationally. The company operates through two segments, Enterprise, Education, and Technology (EE&T); and Media and Telecom (M&T). The company creates, generates, manages, analyzes, distributes, publishes, and engages with live, real-time, and on-demand videos, and other forms; media content creation tools, AI-assisted and AI-generated content capabilities, content enrichment and repurposing, centralized content management, publishing, analytics, and content lifecycle management; and experience components, including live, real-time and on-demand video, audience interaction, moderation, analytics, and post-event content reuse. It offers cloud-based software systems designed for over-the-top and cloud television services. The company was incorporated in 2006 and is headquartered in New York, New York.
KLTR (Kaltura, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $245.1M, a beta of 1.17 versus the broader market, a 52-week range of 1.055-2.05, average daily share volume of 577K, a public-listing history dating back to 2021, approximately 494 full-time employees. These structural characteristics shape how KLTR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.17 places KLTR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on KLTR?
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.
KLTR snapshot
As of August 14, 2026, spot at $1.60, ATM IV 135.40%, IV rank 37.08%, expected move 38.82%. The butterfly on KLTR below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this butterfly structure on KLTR specifically: KLTR IV at 135.40% 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 38.82% (roughly $0.62 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KLTR expiries trade a higher absolute premium for lower per-day decay. Position sizing on KLTR should anchor to the underlying notional of $1.60 per share and to the trader's directional view on KLTR stock.
KLTR butterfly setup
The KLTR 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 KLTR at $1.60 on that close, the first option leg uses a $1.52 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KLTR chain at a 35-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 KLTR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $1.52 | N/A |
| Sell 2 | Call | $1.60 | N/A |
| Buy 1 | Call | $1.68 | N/A |
KLTR 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.
KLTR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on KLTR. 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 KLTR
Butterflies on KLTR are pinning bets - traders use them when they expect KLTR 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.
KLTR thesis for this butterfly
The market-implied 1-standard-deviation range for KLTR extends from approximately $0.98 on the downside to $2.22 on the upside. A KLTR long call butterfly is a pinning play: it pays maximum at the middle strike if KLTR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current KLTR IV rank near 37.08% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on KLTR should anchor more to the directional view and the expected-move geometry. As a Technology name, KLTR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KLTR-specific events.
KLTR 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. KLTR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move KLTR alongside the broader basket even when KLTR-specific fundamentals are unchanged. Always rebuild the position from current KLTR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on KLTR?
- A butterfly on KLTR is the butterfly strategy applied to KLTR (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 KLTR stock at $1.60 on the most recent close, the strikes shown on this page are snapped to the nearest listed KLTR chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are KLTR 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 KLTR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 135.40%), 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 KLTR butterfly?
- The breakeven for the KLTR butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 KLTR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 38.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on KLTR?
- Butterflies on KLTR are pinning bets - traders use them when they expect KLTR 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 KLTR implied volatility affect this butterfly?
- KLTR ATM IV is at 135.40% with IV rank near 37.08%, 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.