OCS Butterfly Strategy
OCS (Oculis Holding AG), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Oculis Holding AG is a biopharmaceutical company in the clinical development stage, specializing in the creation of innovative eye drop medications for various ocular conditions, addressing both the anterior and posterior segments of the eye. A key asset in its therapeutic portfolio is OCS-01, a topical formulation of dexamethasone, currently progressing through Phase 3 clinical trials for the management of diabetic macular edema. Additionally, OCS-02, a topically administered biological candidate, is engaged in Phase 2b clinical studies to treat keratoconjunctivitis sicca, commonly known as dry eye disease. The company is also advancing OCS-05, an innovative neuroprotective agent, which targets acute optic neuritis and an array of other neuro-ophthalmic disorders, including glaucoma, diabetic retinopathy, geographic atrophy, and neurotrophic keratitis. This enterprise maintains its headquarters in Zug, Switzerland.
OCS (Oculis Holding AG) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $739.8M, a beta of 0.23 versus the broader market, a 52-week range of 10.52-34.475, average daily share volume of 590K, a public-listing history dating back to 2021, approximately 60 full-time employees. These structural characteristics shape how OCS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.23 indicates OCS has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a butterfly on OCS?
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.
OCS snapshot
As of August 14, 2026, spot at $12.83, ATM IV 160.90%, expected move 46.13%. The butterfly on OCS 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 OCS specifically: IV rank is unavailable in the current snapshot, so regime-based timing for OCS is inferred from ATM IV at 160.90% alone, with a market-implied 1-standard-deviation move of approximately 46.13% (roughly $5.92 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 OCS expiries trade a higher absolute premium for lower per-day decay. Position sizing on OCS should anchor to the underlying notional of $12.83 per share and to the trader's directional view on OCS stock.
OCS butterfly setup
The OCS 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 OCS at $12.83 on that close, the first option leg uses a $12.19 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OCS 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 OCS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $12.19 | N/A |
| Sell 2 | Call | $12.83 | N/A |
| Buy 1 | Call | $13.47 | N/A |
OCS 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.
OCS butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on OCS. 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 OCS
Butterflies on OCS are pinning bets - traders use them when they expect OCS 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.
OCS thesis for this butterfly
The market-implied 1-standard-deviation range for OCS extends from approximately $6.91 on the downside to $18.75 on the upside. A OCS long call butterfly is a pinning play: it pays maximum at the middle strike if OCS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Healthcare name, OCS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OCS-specific events.
OCS 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. OCS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OCS alongside the broader basket even when OCS-specific fundamentals are unchanged. Always rebuild the position from current OCS chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on OCS?
- A butterfly on OCS is the butterfly strategy applied to OCS (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 OCS stock at $12.83 on the most recent close, the strikes shown on this page are snapped to the nearest listed OCS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OCS 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 OCS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 160.90%), 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 OCS butterfly?
- The breakeven for the OCS 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 OCS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 46.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on OCS?
- Butterflies on OCS are pinning bets - traders use them when they expect OCS 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 OCS implied volatility affect this butterfly?
- Current OCS ATM IV is 160.90%; IV rank context is unavailable in the current snapshot.