LLYVK Butterfly Strategy
LLYVK (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.
LLYVK (Liberty Live Group) trades in the Communication Services sector, specifically Entertainment, with a market capitalization of approximately $9.13B, a beta of 0.98 versus the broader market, a 52-week range of 71.48-102.62, average daily share volume of 351K, a public-listing history dating back to 2023, approximately 300 full-time employees. These structural characteristics shape how LLYVK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places LLYVK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on LLYVK?
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 LLYVK snapshot
As of May 14, 2026, spot at $99.84, ATM IV 33.80%, expected move 9.69%. The butterfly on LLYVK 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 34-day expiry.
Why this butterfly structure on LLYVK specifically: IV rank is unavailable in the current snapshot, so regime-based timing for LLYVK is inferred from ATM IV at 33.80% alone, with a market-implied 1-standard-deviation move of approximately 9.69% (roughly $9.67 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated LLYVK expiries trade a higher absolute premium for lower per-day decay. Position sizing on LLYVK should anchor to the underlying notional of $99.84 per share and to the trader's directional view on LLYVK stock.
LLYVK butterfly setup
The LLYVK 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 LLYVK near $99.84, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed LLYVK chain at a 34-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 LLYVK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $95.00 | $6.85 |
| Sell 2 | Call | $100.00 | $3.55 |
| Buy 1 | Call | $105.00 | $2.55 |
LLYVK butterfly risk and reward
- Net Premium / Debit
- -$230.00
- Max Profit (per contract)
- $235.33
- Max Loss (per contract)
- -$230.00
- Breakeven(s)
- $97.30, $102.70
- Risk / Reward Ratio
- 1.023
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.
LLYVK butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on LLYVK. 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% | -$230.00 |
| $22.08 | -77.9% | -$230.00 |
| $44.16 | -55.8% | -$230.00 |
| $66.23 | -33.7% | -$230.00 |
| $88.31 | -11.6% | -$230.00 |
| $110.38 | +10.6% | -$230.00 |
| $132.45 | +32.7% | -$230.00 |
| $154.53 | +54.8% | -$230.00 |
| $176.60 | +76.9% | -$230.00 |
| $198.68 | +99.0% | -$230.00 |
When traders use butterfly on LLYVK
Butterflies on LLYVK are pinning bets - traders use them when they expect LLYVK 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.
LLYVK thesis for this butterfly
The market-implied 1-standard-deviation range for LLYVK extends from approximately $90.17 on the downside to $109.51 on the upside. A LLYVK long call butterfly is a pinning play: it pays maximum at the middle strike if LLYVK settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Communication Services name, LLYVK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to LLYVK-specific events.
LLYVK 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. LLYVK positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move LLYVK alongside the broader basket even when LLYVK-specific fundamentals are unchanged. Always rebuild the position from current LLYVK chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on LLYVK?
- A butterfly on LLYVK is the butterfly strategy applied to LLYVK (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 LLYVK stock trading near $99.84, the strikes shown on this page are snapped to the nearest listed LLYVK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are LLYVK 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 LLYVK butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 33.80%), the computed maximum profit is $235.33 per contract and the computed maximum loss is -$230.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a LLYVK butterfly?
- The breakeven for the LLYVK butterfly priced on this page is roughly $97.30 and $102.70 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 LLYVK market-implied 1-standard-deviation expected move is approximately 9.69%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on LLYVK?
- Butterflies on LLYVK are pinning bets - traders use them when they expect LLYVK 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 LLYVK implied volatility affect this butterfly?
- Current LLYVK ATM IV is 33.80%; IV rank context is unavailable in the current snapshot.