SRTS Butterfly Strategy
SRTS (Sensus Healthcare, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Sensus Healthcare, Inc. operates as a medical technology enterprise, manufacturing and distributing radiation therapy apparatuses to medical institutions across the globe. The company's portfolio leverages superficial radiation therapy (SRT), a cutting-edge low-energy X-ray methodology. Their product line features the SRT-100, a photon X-ray system for low-energy superficial radiotherapy. This device presents a non-surgical alternative for patients dealing with non-melanoma skin cancers, including basal cell and squamous cell carcinomas, alongside other dermatological issues like keloids. Another key offering is the SRT-100 Vision, which incorporates a specialized SRT treatment planning application. This application seamlessly integrates an embedded high-frequency ultrasound imaging module, tools for volumetric tumor analysis, beam margin delineation, and dosimetry parameter configuration.
SRTS (Sensus Healthcare, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $47.1M, a beta of 1.12 versus the broader market, a 52-week range of 2.66-5.49, average daily share volume of 49K, a public-listing history dating back to 2016, approximately 60 full-time employees. These structural characteristics shape how SRTS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.12 places SRTS roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a butterfly on SRTS?
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.
SRTS snapshot
As of August 14, 2026, spot at $2.85, ATM IV 277.20%, IV rank 56.26%, expected move 79.47%. The butterfly on SRTS 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 SRTS specifically: SRTS IV at 277.20% 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 79.47% (roughly $2.26 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 SRTS expiries trade a higher absolute premium for lower per-day decay. Position sizing on SRTS should anchor to the underlying notional of $2.85 per share and to the trader's directional view on SRTS stock.
SRTS butterfly setup
The SRTS 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 SRTS at $2.85 on that close, the first option leg uses a $2.71 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SRTS 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 SRTS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.71 | N/A |
| Sell 2 | Call | $2.85 | N/A |
| Buy 1 | Call | $2.99 | N/A |
SRTS 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.
SRTS butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SRTS. 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 SRTS
Butterflies on SRTS are pinning bets - traders use them when they expect SRTS 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.
SRTS thesis for this butterfly
The market-implied 1-standard-deviation range for SRTS extends from approximately $0.59 on the downside to $5.11 on the upside. A SRTS long call butterfly is a pinning play: it pays maximum at the middle strike if SRTS settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current SRTS IV rank near 56.26% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on SRTS should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SRTS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SRTS-specific events.
SRTS 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. SRTS positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SRTS alongside the broader basket even when SRTS-specific fundamentals are unchanged. Always rebuild the position from current SRTS chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SRTS?
- A butterfly on SRTS is the butterfly strategy applied to SRTS (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 SRTS stock at $2.85 on the most recent close, the strikes shown on this page are snapped to the nearest listed SRTS chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are SRTS 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 SRTS butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 277.20%), 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 SRTS butterfly?
- The breakeven for the SRTS 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 SRTS market-implied 1-standard-deviation expected move in the same options snapshot is approximately 79.47%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SRTS?
- Butterflies on SRTS are pinning bets - traders use them when they expect SRTS 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 SRTS implied volatility affect this butterfly?
- SRTS ATM IV is at 277.20% with IV rank near 56.26%, 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.