OGC Butterfly Strategy
OGC (OceanaGold Corporation), in the Basic Materials sector, (Gold industry), listed on NYSE.
OceanaGold Corporation is a gold and copper producer with operations in the United States, the Philippines, and New Zealand. The company explores for gold, copper, and silver deposits. Its portfolio includes the Haile Gold Mine in the United States, the Didipio Mine in the Philippines, and the Macraes and Waihi operations in New Zealand.
OGC (OceanaGold Corporation) trades in the Basic Materials sector, specifically Gold, with a market capitalization of approximately $6.43B, a trailing P/E of 10.13, a beta of 1.51 versus the broader market, a 52-week range of 16.25-43.33, average daily share volume of 357K, a public-listing history dating back to 2008, approximately 5K full-time employees. These structural characteristics shape how OGC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.51 indicates OGC has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 10.13 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. OGC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on OGC?
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.
OGC snapshot
As of August 14, 2026, spot at $28.52, ATM IV 46.50%, expected move 13.33%. The butterfly on OGC 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 OGC specifically: IV rank is unavailable in the current snapshot, so regime-based timing for OGC is inferred from ATM IV at 46.50% alone, with a market-implied 1-standard-deviation move of approximately 13.33% (roughly $3.80 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 OGC expiries trade a higher absolute premium for lower per-day decay. Position sizing on OGC should anchor to the underlying notional of $28.52 per share and to the trader's directional view on OGC stock.
OGC butterfly setup
The OGC 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 OGC at $28.52 on that close, the first option leg uses a $27.09 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OGC 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 OGC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $27.09 | N/A |
| Sell 2 | Call | $28.52 | N/A |
| Buy 1 | Call | $29.95 | N/A |
OGC 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.
OGC butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on OGC. 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 OGC
Butterflies on OGC are pinning bets - traders use them when they expect OGC 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.
OGC thesis for this butterfly
The market-implied 1-standard-deviation range for OGC extends from approximately $24.72 on the downside to $32.32 on the upside. A OGC long call butterfly is a pinning play: it pays maximum at the middle strike if OGC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Basic Materials name, OGC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OGC-specific events.
OGC 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. OGC positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OGC alongside the broader basket even when OGC-specific fundamentals are unchanged. Always rebuild the position from current OGC chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on OGC?
- A butterfly on OGC is the butterfly strategy applied to OGC (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 OGC stock at $28.52 on the most recent close, the strikes shown on this page are snapped to the nearest listed OGC chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OGC 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 OGC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 46.50%), 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 OGC butterfly?
- The breakeven for the OGC 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 OGC market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on OGC?
- Butterflies on OGC are pinning bets - traders use them when they expect OGC 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 OGC implied volatility affect this butterfly?
- Current OGC ATM IV is 46.50%; IV rank context is unavailable in the current snapshot.