SUNC Butterfly Strategy
SUNC (SunocoCorp LLC), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.
Established in 2000, SunocoCorp LLC is a Dallas, Texas-headquartered firm primarily engaged in energy infrastructure and fuel distribution activities.
SUNC (SunocoCorp LLC) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $2.88B, a trailing P/E of 24.31, a beta of 0.14 versus the broader market, a 52-week range of 47-73.24, average daily share volume of 512K, a public-listing history dating back to 2025, approximately 1K full-time employees. These structural characteristics shape how SUNC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.14 indicates SUNC has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SUNC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on SUNC?
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 SUNC snapshot
As of June 29, 2026, spot at $68.31, ATM IV 46.60%, expected move 13.36%. The butterfly on SUNC 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 18-day expiry.
Why this butterfly structure on SUNC specifically: IV rank is unavailable in the current snapshot, so regime-based timing for SUNC is inferred from ATM IV at 46.60% alone, with a market-implied 1-standard-deviation move of approximately 13.36% (roughly $9.13 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SUNC expiries trade a higher absolute premium for lower per-day decay. Position sizing on SUNC should anchor to the underlying notional of $68.31 per share and to the trader's directional view on SUNC stock.
SUNC butterfly setup
The SUNC 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 SUNC near $68.31, the first option leg uses a $64.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SUNC chain at a 18-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 SUNC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $64.89 | N/A |
| Sell 2 | Call | $68.31 | N/A |
| Buy 1 | Call | $71.73 | N/A |
SUNC 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.
SUNC butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on SUNC. 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 SUNC
Butterflies on SUNC are pinning bets - traders use them when they expect SUNC 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.
SUNC thesis for this butterfly
The market-implied 1-standard-deviation range for SUNC extends from approximately $59.18 on the downside to $77.44 on the upside. A SUNC long call butterfly is a pinning play: it pays maximum at the middle strike if SUNC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. As a Energy name, SUNC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SUNC-specific events.
SUNC 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. SUNC positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SUNC alongside the broader basket even when SUNC-specific fundamentals are unchanged. Always rebuild the position from current SUNC chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on SUNC?
- A butterfly on SUNC is the butterfly strategy applied to SUNC (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 SUNC stock trading near $68.31, the strikes shown on this page are snapped to the nearest listed SUNC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SUNC 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 SUNC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 46.60%), 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 SUNC butterfly?
- The breakeven for the SUNC 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 SUNC market-implied 1-standard-deviation expected move is approximately 13.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on SUNC?
- Butterflies on SUNC are pinning bets - traders use them when they expect SUNC 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 SUNC implied volatility affect this butterfly?
- Current SUNC ATM IV is 46.60%; IV rank context is unavailable in the current snapshot.