How are NVGS 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 NVGS butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.70%), the computed maximum profit is $38.42 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NVGS butterfly?

The breakeven for the NVGS butterfly priced on this page is roughly $20.58 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 NVGS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NVGS implied volatility affect this butterfly?

NVGS ATM IV is at 32.70% with IV rank near 3.91%, 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.

NVGS Butterfly Strategy

NVGS (Navigator Holdings Ltd.), in the Industrials sector, (Marine Shipping industry), listed on NYSE.

Navigator Holdings Ltd. owns and operates a fleet of liquefied gas carriers worldwide. It engages in the international and regional seaborne transportation of petrochemical gases, liquefied petroleum gases, and ammonia for energy companies, industrial users, and commodity traders. The company also provides ship shore infrastructure and consultancy services. It operates through a fleet of 57 semi- or fully-refrigerated liquefied gas carriers. Navigator Holdings Ltd. was formerly known as Isle of Man public limited company and changed its name to Navigator Holdings Ltd. in 2006. The company was incorporated in 1997 and is based in London, the United Kingdom.

NVGS (Navigator Holdings Ltd.) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $1.27B, a trailing P/E of 9.03, a beta of 0.48 versus the broader market, a 52-week range of 14.08-24.36, average daily share volume of 441K, a public-listing history dating back to 2007, approximately 2K full-time employees. These structural characteristics shape how NVGS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.48 indicates NVGS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 9.03 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. NVGS pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a butterfly on NVGS?

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.

NVGS snapshot

As of August 14, 2026, spot at $21.06, ATM IV 32.70%, IV rank 3.91%, expected move 9.37%. The butterfly on NVGS 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 NVGS specifically: NVGS IV at 32.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a NVGS butterfly, with a market-implied 1-standard-deviation move of approximately 9.37% (roughly $1.97 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 NVGS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVGS should anchor to the underlying notional of $21.06 per share and to the trader's directional view on NVGS stock.

NVGS butterfly setup

The NVGS 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 NVGS at $21.06 on that close, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVGS 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 NVGS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$20.00	$1.48
Sell 2	Call	$21.00	$0.75
Buy 1	Call	$22.00	$0.60

NVGS butterfly risk and reward

Net Premium / Debit: -$57.50
Max Profit (per contract): $38.42
Max Loss (per contract): -$57.50
Breakeven(s): $20.58
Risk / Reward Ratio: 0.668

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.

NVGS butterfly payoff curve

Modeled P&L at expiration across a range of underlying prices for the butterfly on NVGS. 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	-100.0%	-$57.50
$4.67	-77.8%	-$57.50
$9.32	-55.7%	-$57.50
$13.98	-33.6%	-$57.50
$18.63	-11.5%	-$57.50
$23.29	+10.6%	-$57.50
$27.94	+32.7%	-$57.50
$32.60	+54.8%	-$57.50
$37.25	+76.9%	-$57.50
$41.91	+99.0%	-$57.50

When traders use butterfly on NVGS

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

NVGS thesis for this butterfly

The market-implied 1-standard-deviation range for NVGS extends from approximately $19.09 on the downside to $23.03 on the upside. A NVGS long call butterfly is a pinning play: it pays maximum at the middle strike if NVGS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current NVGS IV rank near 3.91% 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 NVGS at 32.70%. As a Industrials name, NVGS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVGS-specific events.

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

Frequently asked questions

What is a butterfly on NVGS?: A butterfly on NVGS is the butterfly strategy applied to NVGS (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 NVGS stock at $21.06 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NVGS chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NVGS 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 NVGS butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.70%), the computed maximum profit is $38.42 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NVGS butterfly?: The breakeven for the NVGS butterfly priced on this page is roughly $20.58 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 NVGS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a butterfly on NVGS?: Butterflies on NVGS are pinning bets - traders use them when they expect NVGS 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 NVGS implied volatility affect this butterfly?: NVGS ATM IV is at 32.70% with IV rank near 3.91%, 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.