How are NBIS 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 NBIS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 108.73%), the computed maximum profit is $842.73 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NBIS butterfly?

The breakeven for the NBIS butterfly priced on this page is roughly $210.90 and $229.30 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 NBIS market-implied 1-standard-deviation expected move is approximately 31.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NBIS implied volatility affect this butterfly?

NBIS ATM IV is at 108.73% with IV rank near 88.33%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

NBIS Butterfly Strategy

NBIS (Nebius Group N.V.), in the Communication Services sector, (Internet Content & Information industry), listed on NASDAQ.

Nebius Group N.V., operates as a technology company that engages in building full-stack infrastructure to service the global AI industry. Its businesses include Nebius, an AI-centric cloud platform built for intensive AI workloads. Nebius builds full-stack infrastructure for AI, including large-scale GPU clusters, cloud platforms, and tools and services for developers. The company's businesses also comprise Toloka AI, a data partner for various stages of generative AI development; TripleTen, an edtech player re-skilling people for careers in tech; and Avride, which develops autonomous driving technology for self-driving cars and delivery robots. The company was formerly known as Yandex N.V. and changed its name to Nebius Group N.V. in August 2024. Nebius Group N.V. was founded in 1989 and is headquartered in Amsterdam, the Netherlands with R&D hubs across Europe, North America and Israel.

NBIS (Nebius Group N.V.) trades in the Communication Services sector, specifically Internet Content & Information, with a market capitalization of approximately $49.74B, a trailing P/E of 491.93, a beta of 1.24 versus the broader market, a 52-week range of 34.72-217.34, average daily share volume of 16.2M, a public-listing history dating back to 2024, approximately 1K full-time employees. These structural characteristics shape how NBIS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.24 places NBIS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 491.93 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 NBIS?

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 NBIS snapshot

As of May 15, 2026, spot at $220.43, ATM IV 108.73%, IV rank 88.33%, expected move 31.17%. The butterfly on NBIS 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 28-day expiry.

Why this butterfly structure on NBIS specifically: NBIS IV at 108.73% is rich versus its 1-year range, which makes a premium-buying NBIS butterfly relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 31.17% (roughly $68.72 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NBIS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIS should anchor to the underlying notional of $220.43 per share and to the trader's directional view on NBIS stock.

NBIS butterfly setup

The NBIS 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 NBIS near $220.43, the first option leg uses a $210.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIS chain at a 28-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 NBIS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$210.00	$32.00
Sell 2	Call	$220.00	$27.03
Buy 1	Call	$230.00	$22.95

NBIS butterfly risk and reward

Net Premium / Debit: -$90.00
Max Profit (per contract): $842.73
Max Loss (per contract): -$90.00
Breakeven(s): $210.90, $229.30
Risk / Reward Ratio: 9.364

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.

NBIS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on NBIS. 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%	-$90.00
$48.75	-77.9%	-$90.00
$97.48	-55.8%	-$90.00
$146.22	-33.7%	-$90.00
$194.96	-11.6%	-$90.00
$243.70	+10.6%	-$90.00
$292.43	+32.7%	-$90.00
$341.17	+54.8%	-$90.00
$389.91	+76.9%	-$90.00
$438.64	+99.0%	-$90.00

When traders use butterfly on NBIS

Butterflies on NBIS are pinning bets - traders use them when they expect NBIS 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.

NBIS thesis for this butterfly

The market-implied 1-standard-deviation range for NBIS extends from approximately $151.71 on the downside to $289.15 on the upside. A NBIS long call butterfly is a pinning play: it pays maximum at the middle strike if NBIS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current NBIS IV rank near 88.33% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NBIS at 108.73%. As a Communication Services name, NBIS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIS-specific events.

NBIS 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. NBIS positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NBIS alongside the broader basket even when NBIS-specific fundamentals are unchanged. Always rebuild the position from current NBIS chain quotes before placing a trade.

Frequently asked questions

What is a butterfly on NBIS?: A butterfly on NBIS is the butterfly strategy applied to NBIS (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 NBIS stock trading near $220.43, the strikes shown on this page are snapped to the nearest listed NBIS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NBIS 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 NBIS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 108.73%), the computed maximum profit is $842.73 per contract and the computed maximum loss is -$90.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIS butterfly?: The breakeven for the NBIS butterfly priced on this page is roughly $210.90 and $229.30 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 NBIS market-implied 1-standard-deviation expected move is approximately 31.17%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on NBIS?: Butterflies on NBIS are pinning bets - traders use them when they expect NBIS 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 NBIS implied volatility affect this butterfly?: NBIS ATM IV is at 108.73% with IV rank near 88.33%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.