How are NTLA 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 NTLA butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.60%), the computed maximum profit is $72.98 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NTLA butterfly?

The breakeven for the NTLA butterfly priced on this page is roughly $11.23 and $12.78 at expiration, derived from the August 14, 2026 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 NTLA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NTLA implied volatility affect this butterfly?

NTLA ATM IV is at 77.60% with IV rank near 8.77%, 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.

NTLA Butterfly Strategy

NTLA (Intellia Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Intellia Therapeutics, Inc. is a biotechnology firm dedicated to advancing therapeutic treatments through its expertise in genome editing. The company's pipeline includes several in vivo (administered within the body) programs. NTLA-2001 is currently undergoing a Phase 1 clinical trial for transthyretin amyloidosis, while NTLA-2002 targets hereditary angioedema. Additionally, Intellia is developing various other liver-focused therapies for conditions such as hemophilia A and B, hyperoxaluria Type 1, and alpha-1 antitrypsin deficiency. Its ex vivo (processed outside the body) pipeline features NTLA-5001, a candidate for acute myeloid leukemia. The company is also progressing proprietary programs focused on creating engineered cell therapies to address diverse oncological and autoimmune disorders.

NTLA (Intellia Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.69B, a beta of 1.79 versus the broader market, a 52-week range of 7.95-28.25, average daily share volume of 5.8M, a public-listing history dating back to 2016, approximately 377 full-time employees. These structural characteristics shape how NTLA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.79 indicates NTLA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a butterfly on NTLA?

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.

NTLA snapshot

As of August 14, 2026, spot at $11.98, ATM IV 77.60%, IV rank 8.77%, expected move 22.25%. The butterfly on NTLA below is built from the August 14, 2026 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 NTLA specifically: NTLA IV at 77.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a NTLA butterfly, with a market-implied 1-standard-deviation move of approximately 22.25% (roughly $2.67 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 NTLA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NTLA should anchor to the underlying notional of $11.98 per share and to the trader's directional view on NTLA stock.

NTLA butterfly setup

The NTLA butterfly below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NTLA at $11.98 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NTLA 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 NTLA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$11.00	$1.73
Sell 2	Call	$12.00	$1.10
Buy 1	Call	$13.00	$0.70

NTLA butterfly risk and reward

Net Premium / Debit: -$22.50
Max Profit (per contract): $72.98
Max Loss (per contract): -$22.50
Breakeven(s): $11.23, $12.78
Risk / Reward Ratio: 3.244

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.

NTLA butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on NTLA. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$22.50
$2.66	-77.8%	-$22.50
$5.31	-55.7%	-$22.50
$7.95	-33.6%	-$22.50
$10.60	-11.5%	-$22.50
$13.25	+10.6%	-$22.50
$15.90	+32.7%	-$22.50
$18.54	+54.8%	-$22.50
$21.19	+76.9%	-$22.50
$23.84	+99.0%	-$22.50

When traders use butterfly on NTLA

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

NTLA thesis for this butterfly

The market-implied 1-standard-deviation range for NTLA extends from approximately $9.31 on the downside to $14.65 on the upside. A NTLA long call butterfly is a pinning play: it pays maximum at the middle strike if NTLA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current NTLA IV rank near 8.77% 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 NTLA at 77.60%. As a Healthcare name, NTLA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NTLA-specific events.

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

Frequently asked questions

What is a butterfly on NTLA?: A butterfly on NTLA is the butterfly strategy applied to NTLA (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 NTLA stock at $11.98 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NTLA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NTLA 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 NTLA butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 77.60%), the computed maximum profit is $72.98 per contract and the computed maximum loss is -$22.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NTLA butterfly?: The breakeven for the NTLA butterfly priced on this page is roughly $11.23 and $12.78 at expiration, derived from the August 14, 2026 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 NTLA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.25%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on NTLA?: Butterflies on NTLA are pinning bets - traders use them when they expect NTLA 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 NTLA implied volatility affect this butterfly?: NTLA ATM IV is at 77.60% with IV rank near 8.77%, 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.