How are ALTL collar max profit and max loss calculated?

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ALTL collar priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $208.00 per contract and the computed maximum loss is -$192.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ALTL collar?

The breakeven for the ALTL collar priced on this page is roughly $38.92 at expiration, derived from the November 13, 2026 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.

How does current ALTL implied volatility affect this collar?

Current ALTL ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.

ALTL Collar Strategy

ALTL (Pacer Lunt Large Cap Alternator ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

This Exchange Traded Fund (ETF) targets large-capitalization companies, utilizing a specific strategy to mirror the performance of an underlying index. This index periodically shifts its holdings, rotating investments between stocks from the S&P 500 Index that exhibit low volatility and those characterized by high beta.

ALTL (Pacer Lunt Large Cap Alternator ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $89.1M, a beta of 0.81 versus the broader market, a 52-week range of 38.135-51.77, average daily share volume of 8K, a public-listing history dating back to 2020. These structural characteristics shape how ALTL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.81 places ALTL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ALTL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on ALTL?

A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.

ALTL snapshot

As of November 13, 2026, spot at $39.00. The collar on ALTL below is built from the November 13, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 7-day expiry.

Why this collar structure on ALTL specifically: IV rank is unavailable in the current snapshot, so regime-based timing for ALTL is inferred from ATM IV alone. The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ALTL expiries trade a higher absolute premium for lower per-day decay. Position sizing on ALTL should anchor to the underlying notional of $39.00 per share and to the trader's directional view on ALTL etf.

ALTL collar setup

The ALTL collar below is built from the November 13, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ALTL at $39.00 on that close, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ALTL chain at a 7-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 ALTL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$39.00	long
Sell 1	Call	$41.00	$0.67
Buy 1	Put	$37.00	$0.59

ALTL collar risk and reward

Net Premium / Debit: -$3,892.00
Max Profit (per contract): $208.00
Max Loss (per contract): -$192.00
Breakeven(s): $38.92
Risk / Reward Ratio: 1.083

Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.

ALTL collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ALTL. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$192.00
$8.63	-77.9%	-$192.00
$17.25	-55.8%	-$192.00
$25.88	-33.7%	-$192.00
$34.50	-11.5%	-$192.00
$43.12	+10.6%	+$208.00
$51.74	+32.7%	+$208.00
$60.36	+54.8%	+$208.00
$68.99	+76.9%	+$208.00
$77.61	+99.0%	+$208.00

When traders use collar on ALTL

Collars on ALTL hedge an existing long ALTL etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.

ALTL thesis for this collar

A ALTL collar hedges an existing long ALTL position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. As a Financial Services name, ALTL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ALTL-specific events.

ALTL collar positions are structurally neutral (protective); 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. ALTL positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ALTL alongside the broader basket even when ALTL-specific fundamentals are unchanged. Always rebuild the position from current ALTL chain quotes before placing a trade.

Frequently asked questions

What is a collar on ALTL?: A collar on ALTL is the collar strategy applied to ALTL (etf). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With ALTL etf at $39.00 on the November 13, 2026 close, the strikes shown on this page are snapped to the nearest listed ALTL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ALTL collar max profit and max loss calculated?: Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the ALTL collar priced from the November 13, 2026 end-of-day chain at a 30-day expiry (ATM IV the current ATM IV), the computed maximum profit is $208.00 per contract and the computed maximum loss is -$192.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ALTL collar?: The breakeven for the ALTL collar priced on this page is roughly $38.92 at expiration, derived from the November 13, 2026 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.
When should you consider a collar on ALTL?: Collars on ALTL hedge an existing long ALTL etf position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
How does current ALTL implied volatility affect this collar?: Current ALTL ATM IV is the current ATM IV; IV rank context is unavailable in the current snapshot.