How are TSL 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 TSL collar priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 53.30%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$100.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSL collar?

The breakeven for the TSL collar priced on this page is roughly $13.00 at expiration, derived from the September 30, 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. The TSL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TSL implied volatility affect this collar?

TSL ATM IV is at 53.30% with IV rank near 10.49%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.

TSL Collar Strategy

TSL (GraniteShares 1.25x Long Tsla Daily ETF), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.

TSL is a short-term tactical tool that aims to deliver 1.25x the price return, less fees and expenses, for a single day of Tesla stock. Purchasers holding shares for longer than a day need to monitor and frequently rebalance their position to attempt to achieve the 1.25x multiple. At the adviser's discretion, the fund may utilize standardized exchange-traded and FLEX call and put options with 1-week to 1-month terms. It may either buy deep in-the-money calls or use a synthetic forward options strategy. Aside from the leverage, the shares take on added volatility due to the lack of diversification. Purchasers should conduct their own stock research prior to initiating a position and trade with conviction.

TSL (GraniteShares 1.25x Long Tsla Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $11.5M, a beta of 2.06 versus the broader market, a 52-week range of 10.73-21.31, average daily share volume of 611K, a public-listing history dating back to 2022, approximately 631 full-time employees. These structural characteristics shape how TSL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.06 indicates TSL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.

What is a collar on TSL?

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.

TSL snapshot

As of September 30, 2026, spot at $13.11, ATM IV 53.30%, IV rank 10.49%, expected move 15.28%. The collar on TSL below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.

Why this collar structure on TSL specifically: IV regime affects collar pricing on both sides; compressed TSL IV at 53.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.28% (roughly $2.00 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TSL expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSL should anchor to the underlying notional of $13.11 per share and to the trader's directional view on TSL etf.

TSL collar setup

The TSL collar below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With TSL at $13.11 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSL chain at a 16-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 TSL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$13.11	long
Sell 1	Call	$14.00	$0.30
Buy 1	Put	$12.00	$0.19

TSL collar risk and reward

Net Premium / Debit: -$1,300.00
Max Profit (per contract): $100.00
Max Loss (per contract): -$100.00
Breakeven(s): $13.00
Risk / Reward Ratio: 1.000

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.

TSL collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on TSL. 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	-99.9%	-$100.00
$2.91	-77.8%	-$100.00
$5.81	-55.7%	-$100.00
$8.70	-33.6%	-$100.00
$11.60	-11.5%	-$100.00
$14.50	+10.6%	+$100.00
$17.40	+32.7%	+$100.00
$20.29	+54.8%	+$100.00
$23.19	+76.9%	+$100.00
$26.09	+99.0%	+$100.00

When traders use collar on TSL

Collars on TSL hedge an existing long TSL 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.

TSL thesis for this collar

The market-implied 1-standard-deviation range for TSL extends from approximately $11.11 on the downside to $15.11 on the upside. A TSL collar hedges an existing long TSL 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. Current TSL IV rank near 10.49% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on TSL at 53.30%. As a Financial Services name, TSL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSL-specific events.

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

Frequently asked questions

What is a collar on TSL?: A collar on TSL is the collar strategy applied to TSL (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 TSL etf at $13.11 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed TSL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TSL 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 TSL collar priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 53.30%), the computed maximum profit is $100.00 per contract and the computed maximum loss is -$100.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSL collar?: The breakeven for the TSL collar priced on this page is roughly $13.00 at expiration, derived from the September 30, 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. The TSL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on TSL?: Collars on TSL hedge an existing long TSL 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 TSL implied volatility affect this collar?: TSL ATM IV is at 53.30% with IV rank near 10.49%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.