MYE Butterfly Strategy
MYE (Myers Industries, Inc.), in the Consumer Cyclical sector, (Packaging & Containers industry), listed on NYSE.
Myers Industries, Inc., an Akron, Ohio-based company established in 1933, operates through two principal business divisions: Material Handling and Distribution. The Material Handling segment specializes in manufacturing a diverse range of plastic products. These include various storage and organization solutions such as pallets, small parts bins, bulk shipping containers, and custom plastic components, utilizing injection, rotational, and blow molding techniques. They also produce consumer fuel containers and tanks for managing water, fuel, and waste. This segment caters to a broad spectrum of industries, including industrial manufacturing, food processing, retail distribution, agriculture, automotive, recreational and marine sectors, healthcare, and consumer goods markets, among others. These products are offered directly or via distributors, under well-known brands such as Akro-Mils, Jamco, Buckhorn, Ameri-Kart, Scepter, Elkhart Plastics, and Trilogy Plastics.
MYE (Myers Industries, Inc.) trades in the Consumer Cyclical sector, specifically Packaging & Containers, with a market capitalization of approximately $1.23B, a trailing P/E of 23.53, a beta of 0.90 versus the broader market, a 52-week range of 15.54-37.45, average daily share volume of 372K, a public-listing history dating back to 1980, approximately 2K full-time employees. These structural characteristics shape how MYE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.90 places MYE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. MYE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on MYE?
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.
MYE snapshot
As of August 14, 2026, spot at $32.83, ATM IV 57.70%, IV rank 13.12%, expected move 16.54%. The butterfly on MYE 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 MYE specifically: MYE IV at 57.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a MYE butterfly, with a market-implied 1-standard-deviation move of approximately 16.54% (roughly $5.43 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 MYE expiries trade a higher absolute premium for lower per-day decay. Position sizing on MYE should anchor to the underlying notional of $32.83 per share and to the trader's directional view on MYE stock.
MYE butterfly setup
The MYE 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 MYE at $32.83 on that close, the first option leg uses a $31.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MYE 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 MYE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $31.19 | N/A |
| Sell 2 | Call | $32.83 | N/A |
| Buy 1 | Call | $34.47 | N/A |
MYE 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.
MYE butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on MYE. 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 MYE
Butterflies on MYE are pinning bets - traders use them when they expect MYE 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.
MYE thesis for this butterfly
The market-implied 1-standard-deviation range for MYE extends from approximately $27.40 on the downside to $38.26 on the upside. A MYE long call butterfly is a pinning play: it pays maximum at the middle strike if MYE settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current MYE IV rank near 13.12% 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 MYE at 57.70%. As a Consumer Cyclical name, MYE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MYE-specific events.
MYE 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. MYE positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MYE alongside the broader basket even when MYE-specific fundamentals are unchanged. Always rebuild the position from current MYE chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on MYE?
- A butterfly on MYE is the butterfly strategy applied to MYE (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 MYE stock at $32.83 on the most recent close, the strikes shown on this page are snapped to the nearest listed MYE chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are MYE 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 MYE butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 57.70%), 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 MYE butterfly?
- The breakeven for the MYE 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 MYE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 16.54%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on MYE?
- Butterflies on MYE are pinning bets - traders use them when they expect MYE 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 MYE implied volatility affect this butterfly?
- MYE ATM IV is at 57.70% with IV rank near 13.12%, 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.