LLYVA Butterfly Strategy
LLYVA (Liberty Live Group), in the Communication Services sector, (Entertainment industry), listed on NASDAQ.
Liberty Live Group operates as a live entertainment company. The company is headquartered in Englewood, Colorado.
LLYVA (Liberty Live Group) trades in the Communication Services sector, specifically Entertainment, with a market capitalization of approximately $8.88B, a beta of 0.98 versus the broader market, a 52-week range of 70.66-99.82, average daily share volume of 140K, a public-listing history dating back to 2023, approximately 300 full-time employees. These structural characteristics shape how LLYVA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places LLYVA roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on LLYVA?
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 LLYVA snapshot
As of May 14, 2026, spot at $97.19, ATM IV 36.60%, IV rank 2.91%, expected move 10.49%. The butterfly on LLYVA 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 LLYVA specifically: LLYVA IV at 36.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a LLYVA butterfly, with a market-implied 1-standard-deviation move of approximately 10.49% (roughly $10.20 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 LLYVA expiries trade a higher absolute premium for lower per-day decay. Position sizing on LLYVA should anchor to the underlying notional of $97.19 per share and to the trader's directional view on LLYVA stock.
LLYVA butterfly setup
The LLYVA 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 LLYVA near $97.19, the first option leg uses a $90.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LLYVA 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 LLYVA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $90.00 | $11.25 |
| Sell 2 | Call | $95.00 | $8.90 |
| Buy 1 | Call | $100.00 | $5.25 |
LLYVA butterfly risk and reward
- Net Premium / Debit
- +$130.00
- Max Profit (per contract)
- $605.32
- Max Loss (per contract)
- $130.00
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- 4.656
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.
LLYVA butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on LLYVA. 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% | +$130.00 |
| $21.50 | -77.9% | +$130.00 |
| $42.99 | -55.8% | +$130.00 |
| $64.47 | -33.7% | +$130.00 |
| $85.96 | -11.6% | +$130.00 |
| $107.45 | +10.6% | +$130.00 |
| $128.94 | +32.7% | +$130.00 |
| $150.43 | +54.8% | +$130.00 |
| $171.92 | +76.9% | +$130.00 |
| $193.40 | +99.0% | +$130.00 |
When traders use butterfly on LLYVA
Butterflies on LLYVA are pinning bets - traders use them when they expect LLYVA 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.
LLYVA thesis for this butterfly
The market-implied 1-standard-deviation range for LLYVA extends from approximately $86.99 on the downside to $107.39 on the upside. A LLYVA long call butterfly is a pinning play: it pays maximum at the middle strike if LLYVA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current LLYVA IV rank near 2.91% 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 LLYVA at 36.60%. As a Communication Services name, LLYVA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LLYVA-specific events.
LLYVA 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. LLYVA positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LLYVA alongside the broader basket even when LLYVA-specific fundamentals are unchanged. Always rebuild the position from current LLYVA chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on LLYVA?
- A butterfly on LLYVA is the butterfly strategy applied to LLYVA (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 LLYVA stock trading near $97.19, the strikes shown on this page are snapped to the nearest listed LLYVA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LLYVA 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 LLYVA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 36.60%), the computed maximum profit is $605.32 per contract and the computed maximum loss is $130.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LLYVA butterfly?
- The breakeven for the LLYVA 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 LLYVA market-implied 1-standard-deviation expected move is approximately 10.49%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on LLYVA?
- Butterflies on LLYVA are pinning bets - traders use them when they expect LLYVA 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 LLYVA implied volatility affect this butterfly?
- LLYVA ATM IV is at 36.60% with IV rank near 2.91%, 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.