SKYH Butterfly Strategy
SKYH (Sky Harbour Group Corp), in the Real Estate sector, (Real Estate - Development industry), listed on NYSE.
Sky Harbour Group Corporation operates as an aviation infrastructure development company in the United States. It develops, leases, and manages general aviation hangars for business aircraft. The company’s home basing hangar campuses includes private and semi-private hangars, as well as a suite of services for home based and transient aircraft. The company is based in White Plains, New York.
SKYH (Sky Harbour Group Corp) trades in the Real Estate sector, specifically Real Estate - Development, with a market capitalization of approximately $879.3M, a trailing P/E of 427.55, a beta of 1.31 versus the broader market, a 52-week range of 8.22-11.696, average daily share volume of 152K, a public-listing history dating back to 2020, approximately 112 full-time employees. These structural characteristics shape how SKYH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.31 indicates SKYH 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 427.55 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a butterfly on SKYH?
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.
SKYH snapshot
As of August 14, 2026, spot at $10.36, ATM IV 32.20%, IV rank 2.25%, expected move 9.23%. The butterfly on SKYH 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 7-day expiry.
Why this butterfly structure on SKYH specifically: SKYH IV at 32.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a SKYH butterfly, with a market-implied 1-standard-deviation move of approximately 9.23% (roughly $0.96 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SKYH expiries trade a higher absolute premium for lower per-day decay. Position sizing on SKYH should anchor to the underlying notional of $10.36 per share and to the trader's directional view on SKYH stock.
SKYH butterfly setup
The SKYH 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 SKYH at $10.36 on that close, the first option leg uses a $10.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SKYH chain at a 7-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 SKYH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $10.00 | $0.70 |
| Sell 2 | Call | $10.00 | $0.70 |
| Buy 1 | Call | $11.00 | $0.16 |
SKYH butterfly risk and reward
- Net Premium / Debit
- +$54.00
- Max Profit (per contract)
- $54.00
- Max Loss (per contract)
- -$46.00
- Breakeven(s)
- $10.54
- Risk / Reward Ratio
- 1.174
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.
SKYH butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SKYH. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | +$54.00 |
| $2.30 | -77.8% | +$54.00 |
| $4.59 | -55.7% | +$54.00 |
| $6.88 | -33.6% | +$54.00 |
| $9.17 | -11.5% | +$54.00 |
| $11.46 | +10.6% | -$46.00 |
| $13.75 | +32.7% | -$46.00 |
| $16.04 | +54.8% | -$46.00 |
| $18.33 | +76.9% | -$46.00 |
| $20.62 | +99.0% | -$46.00 |
When traders use butterfly on SKYH
Butterflies on SKYH are pinning bets - traders use them when they expect SKYH 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.
SKYH thesis for this butterfly
The market-implied 1-standard-deviation range for SKYH extends from approximately $9.40 on the downside to $11.32 on the upside. A SKYH long call butterfly is a pinning play: it pays maximum at the middle strike if SKYH settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SKYH IV rank near 2.25% 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 SKYH at 32.20%. As a Real Estate name, SKYH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SKYH-specific events.
SKYH 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. SKYH positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SKYH alongside the broader basket even when SKYH-specific fundamentals are unchanged. Always rebuild the position from current SKYH chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SKYH?
- A butterfly on SKYH is the butterfly strategy applied to SKYH (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 SKYH stock at $10.36 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed SKYH chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SKYH 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 SKYH butterfly priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.20%), the computed maximum profit is $54.00 per contract and the computed maximum loss is -$46.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a SKYH butterfly?
- The breakeven for the SKYH butterfly priced on this page is roughly $10.54 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 SKYH market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.23%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SKYH?
- Butterflies on SKYH are pinning bets - traders use them when they expect SKYH 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 SKYH implied volatility affect this butterfly?
- SKYH ATM IV is at 32.20% with IV rank near 2.25%, 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.