AMN Collar Strategy
AMN (AMN Healthcare Services, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NYSE.
AMN Healthcare Services, Inc. (AMN) specializes in delivering comprehensive workforce solutions and staffing services to hospitals and healthcare facilities throughout the United States. Its operations are structured across three primary segments: The Nurse and Allied Solutions segment focuses on placing registered nurses in travel assignments, rapid response roles during emergencies or labor disruptions, and local positions. It also supplies allied health professionals for various roles and offers revenue cycle management solutions. Through its Physician and Leadership Solutions segment, AMN facilitates the placement of locum tenens physicians for temporary assignments, provides interim leadership for healthcare organizations, conducts executive searches, and handles permanent physician recruitment. Lastly, the Technology and Workforce Solutions segment encompasses services like language interpretation, vendor management systems (VMS), workforce optimization strategies, telehealth platforms, credentialing assistance, and various outsourced solutions. Beyond nurses and physicians, AMN's network of professionals includes a broad spectrum of allied health specialists such as physical, respiratory, and occupational therapists; medical and radiology technologists; lab technicians; speech pathologists; rehabilitation assistants; and pharmacists.
AMN (AMN Healthcare Services, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.26B, a trailing P/E of 12.07, a beta of 0.39 versus the broader market, a 52-week range of 14.97-37.22, average daily share volume of 979K, a public-listing history dating back to 2001, approximately 3K full-time employees. These structural characteristics shape how AMN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.39 indicates AMN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. AMN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on AMN?
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.
AMN snapshot
As of August 14, 2026, spot at $34.46, ATM IV 49.60%, IV rank 1.08%, expected move 14.22%. The collar on AMN below is built from the 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 AMN specifically: IV regime affects collar pricing on both sides; compressed AMN IV at 49.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 14.22% (roughly $4.90 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 AMN expiries trade a higher absolute premium for lower per-day decay. Position sizing on AMN should anchor to the underlying notional of $34.46 per share and to the trader's directional view on AMN stock.
AMN collar setup
The AMN collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AMN at $34.46 on that close, the first option leg uses a $36.18 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AMN 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 AMN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $34.46 | long |
| Sell 1 | Call | $36.18 | N/A |
| Buy 1 | Put | $32.74 | N/A |
AMN collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
AMN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on AMN. 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.
When traders use collar on AMN
Collars on AMN hedge an existing long AMN 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.
AMN thesis for this collar
The market-implied 1-standard-deviation range for AMN extends from approximately $29.56 on the downside to $39.36 on the upside. A AMN collar hedges an existing long AMN 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 AMN IV rank near 1.08% 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 AMN at 49.60%. As a Healthcare name, AMN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AMN-specific events.
AMN 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. AMN positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AMN alongside the broader basket even when AMN-specific fundamentals are unchanged. Always rebuild the position from current AMN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on AMN?
- A collar on AMN is the collar strategy applied to AMN (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 AMN stock at $34.46 on the most recent close, the strikes shown on this page are snapped to the nearest listed AMN chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AMN 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 AMN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 49.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AMN collar?
- The breakeven for the AMN collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 AMN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 14.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on AMN?
- Collars on AMN hedge an existing long AMN 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 AMN implied volatility affect this collar?
- AMN ATM IV is at 49.60% with IV rank near 1.08%, 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.