How are ACM 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 ACM collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.40%), the computed maximum profit is $269.50 per contract and the computed maximum loss is -$230.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ACM collar?

The breakeven for the ACM collar priced on this page is roughly $62.31 at expiration, derived from the August 14, 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 ACM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ACM implied volatility affect this collar?

ACM ATM IV is at 34.40% with IV rank near 23.86%, 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.

ACM Collar Strategy

ACM (Aecom), in the Industrials sector, (Engineering & Construction industry), listed on NYSE.

AECOM, along with its affiliated entities, delivers specialized infrastructure consulting services to public sector bodies, private businesses, and various organizations across the globe, with operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company manages its extensive operations through three distinct segments: Americas, International, and AECOM Capital. For its commercial and governmental clientele, AECOM offers a comprehensive suite of services including strategic planning, expert consultation, architectural and engineering design, and robust construction and program management. Additionally, the firm is involved in investment and development initiatives, notably within the real estate sector. Its construction capabilities are extensive, covering general building projects, energy-related infrastructure, and industrial facilities. AECOM's proficiency is applied across critical sectors such as transportation, water resources, governmental services, facilities management, environmental solutions, and energy.

ACM (Aecom) trades in the Industrials sector, specifically Engineering & Construction, with a market capitalization of approximately $8.11B, a trailing P/E of 28.17, a beta of 0.92 versus the broader market, a 52-week range of 60.35-135.52, average daily share volume of 1.9M, a public-listing history dating back to 2007, approximately 51K full-time employees. These structural characteristics shape how ACM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places ACM roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. ACM pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on ACM?

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.

ACM snapshot

As of August 14, 2026, spot at $63.03, ATM IV 34.40%, IV rank 23.86%, expected move 9.86%. The collar on ACM below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this collar structure on ACM specifically: IV regime affects collar pricing on both sides; compressed ACM IV at 34.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.86% (roughly $6.22 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ACM expiries trade a higher absolute premium for lower per-day decay. Position sizing on ACM should anchor to the underlying notional of $63.03 per share and to the trader's directional view on ACM stock.

ACM collar setup

The ACM collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ACM at $63.03 on that close, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ACM chain at a 35-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 ACM shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$63.03	long
Sell 1	Call	$65.00	$1.98
Buy 1	Put	$60.00	$1.25

ACM collar risk and reward

Net Premium / Debit: -$6,230.50
Max Profit (per contract): $269.50
Max Loss (per contract): -$230.50
Breakeven(s): $62.31
Risk / Reward Ratio: 1.169

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.

ACM collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ACM. 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%	-$230.50
$13.95	-77.9%	-$230.50
$27.88	-55.8%	-$230.50
$41.82	-33.7%	-$230.50
$55.75	-11.5%	-$230.50
$69.69	+10.6%	+$269.50
$83.62	+32.7%	+$269.50
$97.56	+54.8%	+$269.50
$111.49	+76.9%	+$269.50
$125.43	+99.0%	+$269.50

When traders use collar on ACM

Collars on ACM hedge an existing long ACM stock 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.

ACM thesis for this collar

The market-implied 1-standard-deviation range for ACM extends from approximately $56.81 on the downside to $69.25 on the upside. A ACM collar hedges an existing long ACM 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 ACM IV rank near 23.86% 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 ACM at 34.40%. As a Industrials name, ACM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ACM-specific events.

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

Frequently asked questions

What is a collar on ACM?: A collar on ACM is the collar strategy applied to ACM (stock). 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 ACM stock at $63.03 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ACM chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ACM 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 ACM collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.40%), the computed maximum profit is $269.50 per contract and the computed maximum loss is -$230.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ACM collar?: The breakeven for the ACM collar priced on this page is roughly $62.31 at expiration, derived from the August 14, 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 ACM market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on ACM?: Collars on ACM hedge an existing long ACM stock 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 ACM implied volatility affect this collar?: ACM ATM IV is at 34.40% with IV rank near 23.86%, 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.