THRY Butterfly Strategy
THRY (Thryv Holdings, Inc.), in the Communication Services sector, (Internet Content & Information industry), listed on NASDAQ.
Thryv Holdings, Inc. provides digital marketing solutions and cloud-based tools to the small-to-medium sized businesses (SMBs). It operates through three segments: SaaS (Software as a Service), Marketing Services, and Thryv International. The company provides Thryv, an SMB end-to-end customer experience platform; Hub by Thryv, a solution for franchisors to offer real time oversight and day-to-day management of multiple locations; Thryv Leads, an integrated local marketing and lead generation solution, as well as related services; and ThryvPay, a payment solution that allows users to get paid through credit card and ACH. It also offers print and digital solutions, including the company's print yellow pages; internet yellow pages, such as yellowpages.com, superpages.com, dexknows.com, and extended search solutions; search engine marketing solutions; and other digital media solutions, including online display and social advertising, online presence and video, and search engine optimization tools. The company was formerly known as Dex Media Holdings, Inc. and changed its name to Thryv Holdings, Inc. in July 2019. Thryv Holdings, Inc. is based in DFW Airport, Texas.
THRY (Thryv Holdings, Inc.) trades in the Communication Services sector, specifically Internet Content & Information, with a market capitalization of approximately $152.6M, a trailing P/E of 10.51, a beta of 0.91 versus the broader market, a 52-week range of 1.91-14.47, average daily share volume of 1.2M, a public-listing history dating back to 2018, approximately 3K full-time employees. These structural characteristics shape how THRY stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.91 places THRY roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 10.51 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 THRY?
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 THRY snapshot
As of May 15, 2026, spot at $3.41, ATM IV 104.10%, IV rank 38.72%, expected move 29.84%. The butterfly on THRY 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 THRY specifically: THRY IV at 104.10% 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 29.84% (roughly $1.02 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 THRY expiries trade a higher absolute premium for lower per-day decay. Position sizing on THRY should anchor to the underlying notional of $3.41 per share and to the trader's directional view on THRY stock.
THRY butterfly setup
The THRY 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 THRY near $3.41, the first option leg uses a $3.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed THRY 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 THRY shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.24 | N/A |
| Sell 2 | Call | $3.41 | N/A |
| Buy 1 | Call | $3.58 | N/A |
THRY 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.
THRY butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on THRY. 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 THRY
Butterflies on THRY are pinning bets - traders use them when they expect THRY 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.
THRY thesis for this butterfly
The market-implied 1-standard-deviation range for THRY extends from approximately $2.39 on the downside to $4.43 on the upside. A THRY long call butterfly is a pinning play: it pays maximum at the middle strike if THRY settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current THRY IV rank near 38.72% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on THRY should anchor more to the directional view and the expected-move geometry. As a Communication Services name, THRY options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to THRY-specific events.
THRY 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. THRY positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move THRY alongside the broader basket even when THRY-specific fundamentals are unchanged. Always rebuild the position from current THRY chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on THRY?
- A butterfly on THRY is the butterfly strategy applied to THRY (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 THRY stock trading near $3.41, the strikes shown on this page are snapped to the nearest listed THRY chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are THRY 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 THRY butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 104.10%), 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 THRY butterfly?
- The breakeven for the THRY 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 THRY market-implied 1-standard-deviation expected move is approximately 29.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on THRY?
- Butterflies on THRY are pinning bets - traders use them when they expect THRY 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 THRY implied volatility affect this butterfly?
- THRY ATM IV is at 104.10% with IV rank near 38.72%, 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.