Collar
Long stock, short OTM call (cap upside, collect premium), long OTM put (limit downside). Often "no-cost collar" when call premium ≈ put premium.
INPUTS
Underlying price
$
Centers the payoff chart and computes P&L at this price.
Stock position
Shares
Entry
$
LEGS
Short OTM call
Type
Side
Strike
$
Qty
Premium
$
Long OTM put
Type
Side
Strike
$
Qty
Premium
$
RESULT
$60.002 strikes$140.00
P&L at current spot (expiry)
+$0
Net debit−$10,000
Max profit+$500
Max loss−$500
Breakeven$100.00
Risk / reward1.00 : 1
Stock cost basis+$10,000
Net premium+$0
RISK PROFILE
Max profit
(Call strike − stock entry) × shares + net premium
Max loss
(Stock entry − put strike) × shares − net premium
Breakeven
Stock entry − (net premium ÷ shares)
RELATED STRATEGIES
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