SRTA Butterfly Strategy
SRTA (Strata Critical Medical, Inc.), in the Industrials sector, (Airlines, Airports & Air Services industry), listed on NASDAQ.
Strata Critical Medical, Inc. is dedicated to supporting healthcare providers throughout the United States by offering swift logistical management and specialized medical assistance. A significant part of their operations involves the movement of human organs for transplant, utilizing both aerial and ground transportation methods. Founded in 2014, the organization previously operated under the name Blade Air Mobility, Inc. and is set to officially change its name to Strata Critical Medical, Inc. in August of 2025. Its primary corporate office is located in New York, New York.
SRTA (Strata Critical Medical, Inc.) trades in the Industrials sector, specifically Airlines, Airports & Air Services, with a market capitalization of approximately $458.6M, a trailing P/E of 9.62, a beta of 2.20 versus the broader market, a 52-week range of 3.675-6.5, average daily share volume of 1.0M, a public-listing history dating back to 2019, approximately 310 full-time employees. These structural characteristics shape how SRTA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.20 indicates SRTA 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 9.62 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price.
What is a butterfly on SRTA?
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 SRTA snapshot
As of June 30, 2026, spot at $5.36, ATM IV 71.10%, IV rank 37.21%, expected move 20.38%. The butterfly on SRTA 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 17-day expiry.
Why this butterfly structure on SRTA specifically: SRTA IV at 71.10% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 20.38% (roughly $1.09 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SRTA expiries trade a higher absolute premium for lower per-day decay. Position sizing on SRTA should anchor to the underlying notional of $5.36 per share and to the trader's directional view on SRTA stock.
SRTA butterfly setup
The SRTA 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 SRTA near $5.36, the first option leg uses a $5.09 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SRTA chain at a 17-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 SRTA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $5.09 | N/A |
| Sell 2 | Call | $5.36 | N/A |
| Buy 1 | Call | $5.63 | N/A |
SRTA 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.
SRTA butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SRTA. 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 SRTA
Butterflies on SRTA are pinning bets - traders use them when they expect SRTA 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.
SRTA thesis for this butterfly
The market-implied 1-standard-deviation range for SRTA extends from approximately $4.27 on the downside to $6.45 on the upside. A SRTA long call butterfly is a pinning play: it pays maximum at the middle strike if SRTA settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SRTA IV rank near 37.21% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on SRTA should anchor more to the directional view and the expected-move geometry. As a Industrials name, SRTA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SRTA-specific events.
SRTA 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. SRTA positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SRTA alongside the broader basket even when SRTA-specific fundamentals are unchanged. Always rebuild the position from current SRTA chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SRTA?
- A butterfly on SRTA is the butterfly strategy applied to SRTA (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 SRTA stock trading near $5.36, the strikes shown on this page are snapped to the nearest listed SRTA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SRTA 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 SRTA butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 71.10%), 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 SRTA butterfly?
- The breakeven for the SRTA 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 SRTA market-implied 1-standard-deviation expected move is approximately 20.38%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SRTA?
- Butterflies on SRTA are pinning bets - traders use them when they expect SRTA 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 SRTA implied volatility affect this butterfly?
- SRTA ATM IV is at 71.10% with IV rank near 37.21%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.