OPRX Butterfly Strategy
OPRX (OptimizeRx Corporation), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NASDAQ.
OptimizeRx Corporation, a digital health technology company, provides various solutions to life sciences organizations, healthcare providers, and patients. The company's products and applications include financial messaging, a virtual patient support center that allows doctors and staff to access sample vouchers, co-pay coupons, and other patient support through their EMR and/or e-prescribe systems; and brand awareness and therapeutic support messaging services, such as brand awareness messages, reminder ads, and therapeutic support and unbranded messages. It also offers brand support services, which focuses on educating and working with pharmaceutical manufacturers on identifying, formulating, and implementing eRx media strategies, including drug file integration, sales force training, and strategy development services for promoting their products. In addition, the company operates cloud based Mobile Health Messenger platform that provides interactive health messaging for enhanced medication adherence and care coordination; and HIPAA-compliant automated mobile messaging platform, which allows pharmaceutical manufactures and related entities to directly engage with patients to enhance regimen compliance. Further, it offers patient programs with treatment and affordability information, lifestyle and condition trackers, internet device connectivity, forms, and surveys. Additionally, the company provides evidence-based physician engagement solution applied to real-world data to assist healthcare providers in identifying patients who may be qualified for specific therapies, raise awareness of patient access pathways, and identify early indicators of non-adherence among patient populations.
OPRX (OptimizeRx Corporation) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $92.2M, a trailing P/E of 13.49, a beta of 1.19 versus the broader market, a 52-week range of 4.57-22.25, average daily share volume of 516K, a public-listing history dating back to 2007, approximately 128 full-time employees. These structural characteristics shape how OPRX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.19 places OPRX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on OPRX?
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 OPRX snapshot
As of May 15, 2026, spot at $5.21, ATM IV 49.90%, IV rank 19.57%, expected move 14.31%. The butterfly on OPRX 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 OPRX specifically: OPRX IV at 49.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a OPRX butterfly, with a market-implied 1-standard-deviation move of approximately 14.31% (roughly $0.75 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 OPRX expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPRX should anchor to the underlying notional of $5.21 per share and to the trader's directional view on OPRX stock.
OPRX butterfly setup
The OPRX 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 OPRX near $5.21, the first option leg uses a $4.95 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPRX 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 OPRX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $4.95 | N/A |
| Sell 2 | Call | $5.21 | N/A |
| Buy 1 | Call | $5.47 | N/A |
OPRX 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.
OPRX butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on OPRX. 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 OPRX
Butterflies on OPRX are pinning bets - traders use them when they expect OPRX 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.
OPRX thesis for this butterfly
The market-implied 1-standard-deviation range for OPRX extends from approximately $4.46 on the downside to $5.96 on the upside. A OPRX long call butterfly is a pinning play: it pays maximum at the middle strike if OPRX settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current OPRX IV rank near 19.57% 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 OPRX at 49.90%. As a Healthcare name, OPRX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPRX-specific events.
OPRX 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. OPRX positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPRX alongside the broader basket even when OPRX-specific fundamentals are unchanged. Always rebuild the position from current OPRX chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on OPRX?
- A butterfly on OPRX is the butterfly strategy applied to OPRX (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 OPRX stock trading near $5.21, the strikes shown on this page are snapped to the nearest listed OPRX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OPRX 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 OPRX butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 49.90%), 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 OPRX butterfly?
- The breakeven for the OPRX 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 OPRX market-implied 1-standard-deviation expected move is approximately 14.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on OPRX?
- Butterflies on OPRX are pinning bets - traders use them when they expect OPRX 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 OPRX implied volatility affect this butterfly?
- OPRX ATM IV is at 49.90% with IV rank near 19.57%, 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.