NRGV Butterfly Strategy
NRGV (Energy Vault Holdings, Inc.), in the Utilities sector, (Renewable Utilities industry), listed on NYSE.
Energy Vault Holdings, Inc. develops and sells energy storage solutions. The company offers gravity-based storage systems, including EVx Platform, a scalable, modular product line starting from 40-megawatt hour to multi-gigawatt hours to address grid resiliency needs in shorter durations; Energy Vault Resiliency Center, a scalable, gigawatt hour scale product line designed to address grid resiliency needs to manage energy disruptive climate events; and Energy Vault solutions. Its solutions allow utilities, independent power producers, and large energy users to manage their power portfolios and efficiently dispatch power. Energy Vault Holdings, Inc. is based in Westlake Village, California.
NRGV (Energy Vault Holdings, Inc.) trades in the Utilities sector, specifically Renewable Utilities, with a market capitalization of approximately $1.03B, a beta of 1.15 versus the broader market, a 52-week range of 0.654-6.35, average daily share volume of 4.0M, a public-listing history dating back to 2021, approximately 158 full-time employees. These structural characteristics shape how NRGV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.15 places NRGV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on NRGV?
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 NRGV snapshot
As of May 15, 2026, spot at $6.03, ATM IV 121.50%, IV rank 39.19%, expected move 34.83%. The butterfly on NRGV 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 NRGV specifically: NRGV IV at 121.50% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 34.83% (roughly $2.10 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 NRGV expiries trade a higher absolute premium for lower per-day decay. Position sizing on NRGV should anchor to the underlying notional of $6.03 per share and to the trader's directional view on NRGV stock.
NRGV butterfly setup
The NRGV 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 NRGV near $6.03, the first option leg uses a $5.73 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NRGV 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 NRGV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $5.73 | N/A |
| Sell 2 | Call | $6.03 | N/A |
| Buy 1 | Call | $6.33 | N/A |
NRGV 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.
NRGV butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on NRGV. 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 NRGV
Butterflies on NRGV are pinning bets - traders use them when they expect NRGV 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.
NRGV thesis for this butterfly
The market-implied 1-standard-deviation range for NRGV extends from approximately $3.93 on the downside to $8.13 on the upside. A NRGV long call butterfly is a pinning play: it pays maximum at the middle strike if NRGV settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current NRGV IV rank near 39.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on NRGV should anchor more to the directional view and the expected-move geometry. As a Utilities name, NRGV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NRGV-specific events.
NRGV 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. NRGV positions also carry Utilities sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move NRGV alongside the broader basket even when NRGV-specific fundamentals are unchanged. Always rebuild the position from current NRGV chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on NRGV?
- A butterfly on NRGV is the butterfly strategy applied to NRGV (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 NRGV stock trading near $6.03, the strikes shown on this page are snapped to the nearest listed NRGV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are NRGV 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 NRGV butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 121.50%), 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 NRGV butterfly?
- The breakeven for the NRGV 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 NRGV market-implied 1-standard-deviation expected move is approximately 34.83%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on NRGV?
- Butterflies on NRGV are pinning bets - traders use them when they expect NRGV 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 NRGV implied volatility affect this butterfly?
- NRGV ATM IV is at 121.50% with IV rank near 39.19%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.