MIR Butterfly Strategy
MIR (Mirion Technologies, Inc.), in the Industrials sector, (Industrial - Machinery industry), listed on NYSE.
Mirion Technologies, Inc., established in 2005 and formerly known as Global Monitoring Systems, Inc. until its name change in January 2006, is based in Atlanta, Georgia. The company specializes in providing a comprehensive suite of specialized solutions for radiation detection, measurement, analysis, and monitoring. Its operations span a wide international footprint, covering countries such as the United States, Canada, the United Kingdom, France, Germany, Finland, China, Belgium, the Netherlands, Estonia, and Japan. The business is organized into two distinct operating segments: Medical and Industrial. The Medical segment delivers critical solutions aimed at enhancing patient safety and treatment accuracy within healthcare environments. Offerings here include quality assurance and dosimetry tools for radiation oncology, specialized patient safety systems for diagnostic imaging and radiation therapy centers, and precision calibration and verification solutions for medical imaging and treatment accuracy.
MIR (Mirion Technologies, Inc.) trades in the Industrials sector, specifically Industrial - Machinery, with a market capitalization of approximately $4.51B, a trailing P/E of 179.84, a beta of 1.03 versus the broader market, a 52-week range of 15.58-30.277, average daily share volume of 4.0M, a public-listing history dating back to 2020, approximately 3K full-time employees. These structural characteristics shape how MIR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.03 places MIR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 179.84 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a butterfly on MIR?
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 MIR snapshot
As of June 29, 2026, spot at $17.55, ATM IV 52.60%, IV rank 17.12%, expected move 15.08%. The butterfly on MIR 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 18-day expiry.
Why this butterfly structure on MIR specifically: MIR IV at 52.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a MIR butterfly, with a market-implied 1-standard-deviation move of approximately 15.08% (roughly $2.65 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MIR expiries trade a higher absolute premium for lower per-day decay. Position sizing on MIR should anchor to the underlying notional of $17.55 per share and to the trader's directional view on MIR stock.
MIR butterfly setup
The MIR 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 MIR near $17.55, the first option leg uses a $16.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MIR chain at a 18-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 MIR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $16.67 | N/A |
| Sell 2 | Call | $17.55 | N/A |
| Buy 1 | Call | $18.43 | N/A |
MIR 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.
MIR butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on MIR. 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 MIR
Butterflies on MIR are pinning bets - traders use them when they expect MIR 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.
MIR thesis for this butterfly
The market-implied 1-standard-deviation range for MIR extends from approximately $14.90 on the downside to $20.20 on the upside. A MIR long call butterfly is a pinning play: it pays maximum at the middle strike if MIR settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current MIR IV rank near 17.12% 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 MIR at 52.60%. As a Industrials name, MIR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MIR-specific events.
MIR 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. MIR positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MIR alongside the broader basket even when MIR-specific fundamentals are unchanged. Always rebuild the position from current MIR chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on MIR?
- A butterfly on MIR is the butterfly strategy applied to MIR (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 MIR stock trading near $17.55, the strikes shown on this page are snapped to the nearest listed MIR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MIR 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 MIR butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 52.60%), 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 MIR butterfly?
- The breakeven for the MIR 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 MIR market-implied 1-standard-deviation expected move is approximately 15.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on MIR?
- Butterflies on MIR are pinning bets - traders use them when they expect MIR 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 MIR implied volatility affect this butterfly?
- MIR ATM IV is at 52.60% with IV rank near 17.12%, 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.