RHI Butterfly Strategy
RHI (Robert Half International Inc.), in the Industrials sector, (Staffing & Employment Services industry), listed on NYSE.
Robert Half International Inc. provides staffing and risk consulting services in North America, South America, Europe, Asia, and Australia. The company operates through three segments: Temporary and Consultant Staffing, Permanent Placement Staffing, and Risk Consulting and Internal Audit Services. It places temporary services for accounting, finance, and bookkeeping; temporary and full-time office and administrative personnel consisting of executive and administrative assistants, receptionists, and customer service representatives; full-time accounting, financial, tax, and accounting operations personnel; and information technology contract professionals and full-time employees in the areas of platform systems integration to end-user technical and desktop support, including specialists in application development, networking and cloud, systems integration and deployment, database design and administration, and security and business continuity. The company also offers temporary and full-time employees in attorney, paralegal, legal administrative, and legal secretarial positions; and senior-level project professionals in the accounting and finance fields for financial systems conversions, expansion into new markets, business process re-engineering, business systems performance improvement, and post-merger financial consolidation. It is involved in serving professionals in the areas of creative, design, marketing, advertising, and public relations; and placing various positions, such as creative directors, graphics designers, web designers, media buyers, front end developers, copywriters, digital marketing managers, marketing analytics specialists, brand managers, and public relations specialists. The company provides internal audit, technology consulting, risk and compliance consulting, and business performance services.
RHI (Robert Half International Inc.) trades in the Industrials sector, specifically Staffing & Employment Services, with a market capitalization of approximately $2.55B, a trailing P/E of 19.17, a beta of 0.79 versus the broader market, a 52-week range of 21.83-48.2, average daily share volume of 3.1M, a public-listing history dating back to 1980, approximately 15K full-time employees. These structural characteristics shape how RHI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.79 places RHI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RHI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on RHI?
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 RHI snapshot
As of May 15, 2026, spot at $25.15, ATM IV 49.40%, IV rank 11.14%, expected move 14.16%. The butterfly on RHI 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 RHI specifically: RHI IV at 49.40% is on the cheap side of its 1-year range, which favors premium-buying structures like a RHI butterfly, with a market-implied 1-standard-deviation move of approximately 14.16% (roughly $3.56 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 RHI expiries trade a higher absolute premium for lower per-day decay. Position sizing on RHI should anchor to the underlying notional of $25.15 per share and to the trader's directional view on RHI stock.
RHI butterfly setup
The RHI 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 RHI near $25.15, the first option leg uses a $23.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RHI 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 RHI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.89 | N/A |
| Sell 2 | Call | $25.15 | N/A |
| Buy 1 | Call | $26.41 | N/A |
RHI 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.
RHI butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on RHI. 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 RHI
Butterflies on RHI are pinning bets - traders use them when they expect RHI 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.
RHI thesis for this butterfly
The market-implied 1-standard-deviation range for RHI extends from approximately $21.59 on the downside to $28.71 on the upside. A RHI long call butterfly is a pinning play: it pays maximum at the middle strike if RHI settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current RHI IV rank near 11.14% 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 RHI at 49.40%. As a Industrials name, RHI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RHI-specific events.
RHI 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. RHI positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RHI alongside the broader basket even when RHI-specific fundamentals are unchanged. Always rebuild the position from current RHI chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on RHI?
- A butterfly on RHI is the butterfly strategy applied to RHI (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 RHI stock trading near $25.15, the strikes shown on this page are snapped to the nearest listed RHI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RHI 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 RHI butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 49.40%), 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 RHI butterfly?
- The breakeven for the RHI 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 RHI market-implied 1-standard-deviation expected move is approximately 14.16%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on RHI?
- Butterflies on RHI are pinning bets - traders use them when they expect RHI 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 RHI implied volatility affect this butterfly?
- RHI ATM IV is at 49.40% with IV rank near 11.14%, 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.