How are AGL 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 AGL collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 85.80%), the computed maximum profit is $605.00 per contract and the computed maximum loss is -$395.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a AGL collar?

The breakeven for the AGL collar priced on this page is roughly $93.95 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 AGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current AGL implied volatility affect this collar?

AGL ATM IV is at 85.80% with IV rank near 14.49%, 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.

AGL Collar Strategy

AGL (Agilon Health, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NYSE.

Agilon Health, Inc. provides healthcare solutions specifically designed for older adults, delivered through local primary care physicians throughout the United States. As of December 31, 2021, the company served an approximate total of 238,000 senior clients. This figure included 186,300 individuals enrolled in Medicare Advantage plans and 51,700 recipients of Medicare fee-for-service benefits. The enterprise, which commenced operations in 2016, was initially incorporated as Agilon Health Topco, Inc. before rebranding to its current name, agilon health, inc., in March 2021. Its corporate headquarters are situated in Austin, Texas.

AGL (Agilon Health, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.44B, a beta of 3.05 versus the broader market, a 52-week range of 7.48-133.04, average daily share volume of 421K, a public-listing history dating back to 2021, approximately 856 full-time employees. These structural characteristics shape how AGL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.05 indicates AGL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. AGL pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on AGL?

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.

AGL snapshot

As of August 14, 2026, spot at $95.85, ATM IV 85.80%, IV rank 14.49%, expected move 24.60%. The collar on AGL 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 AGL specifically: IV regime affects collar pricing on both sides; compressed AGL IV at 85.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 24.60% (roughly $23.58 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 AGL expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGL should anchor to the underlying notional of $95.85 per share and to the trader's directional view on AGL stock.

AGL collar setup

The AGL 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 AGL at $95.85 on that close, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGL 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 AGL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$95.85	long
Sell 1	Call	$100.00	$8.80
Buy 1	Put	$90.00	$6.90

AGL collar risk and reward

Net Premium / Debit: -$9,395.00
Max Profit (per contract): $605.00
Max Loss (per contract): -$395.00
Breakeven(s): $93.95
Risk / Reward Ratio: 1.532

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.

AGL collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on AGL. 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%	-$395.00
$21.20	-77.9%	-$395.00
$42.39	-55.8%	-$395.00
$63.59	-33.7%	-$395.00
$84.78	-11.6%	-$395.00
$105.97	+10.6%	+$605.00
$127.16	+32.7%	+$605.00
$148.35	+54.8%	+$605.00
$169.54	+76.9%	+$605.00
$190.74	+99.0%	+$605.00

When traders use collar on AGL

Collars on AGL hedge an existing long AGL 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.

AGL thesis for this collar

The market-implied 1-standard-deviation range for AGL extends from approximately $72.27 on the downside to $119.43 on the upside. A AGL collar hedges an existing long AGL 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 AGL IV rank near 14.49% 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 AGL at 85.80%. As a Healthcare name, AGL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGL-specific events.

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

Frequently asked questions

What is a collar on AGL?: A collar on AGL is the collar strategy applied to AGL (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 AGL stock at $95.85 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed AGL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are AGL 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 AGL collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 85.80%), the computed maximum profit is $605.00 per contract and the computed maximum loss is -$395.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a AGL collar?: The breakeven for the AGL collar priced on this page is roughly $93.95 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 AGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.60%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on AGL?: Collars on AGL hedge an existing long AGL 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 AGL implied volatility affect this collar?: AGL ATM IV is at 85.80% with IV rank near 14.49%, 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.