How are ATEX 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 ATEX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 83.10%), the computed maximum profit is $671.00 per contract and the computed maximum loss is -$329.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ATEX collar?

The breakeven for the ATEX collar priced on this page is roughly $93.29 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ATEX market-implied 1-standard-deviation expected move is approximately 23.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ATEX implied volatility affect this collar?

ATEX ATM IV is at 83.10% with IV rank near 33.88%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

ATEX Collar Strategy

ATEX (Anterix Inc.), in the Communication Services sector, (Telecommunications Services industry), listed on NASDAQ.

Anterix Inc. operates as a specialist in wireless communications, primarily focusing on monetizing its distinct radio spectrum holdings. The company's main objective is to empower essential utility and critical infrastructure clients by enabling them to deploy bespoke broadband networks, advanced technologies, and tailored solutions. Anterix holds exclusive licenses for 900 MHz spectrum, which provides extensive coverage throughout the continental United States, as well as Alaska, Hawaii, and Puerto Rico. Originally established in 1997, the firm was formerly recognized as pdvWireless, Inc. before officially rebranding to Anterix Inc. in August 2019. Its corporate headquarters are located in Woodland Park, New Jersey.

ATEX (Anterix Inc.) trades in the Communication Services sector, specifically Telecommunications Services, with a market capitalization of approximately $1.70B, a trailing P/E of 18.56, a beta of 0.94 versus the broader market, a 52-week range of 17.58-90, average daily share volume of 398K, a public-listing history dating back to 2015, approximately 86 full-time employees. These structural characteristics shape how ATEX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.94 places ATEX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a collar on ATEX?

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.

Current ATEX snapshot

As of June 29, 2026, spot at $96.34, ATM IV 83.10%, IV rank 33.88%, expected move 23.82%. The collar on ATEX below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 53-day expiry.

Why this collar structure on ATEX specifically: IV regime affects collar pricing on both sides; mid-range ATEX IV at 83.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 23.82% (roughly $22.95 on the underlying). The 53-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ATEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on ATEX should anchor to the underlying notional of $96.34 per share and to the trader's directional view on ATEX stock.

ATEX collar setup

The ATEX 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 ATEX near $96.34, 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 ATEX chain at a 53-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 ATEX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$96.34	long
Sell 1	Call	$100.00	$11.60
Buy 1	Put	$90.00	$8.55

ATEX collar risk and reward

Net Premium / Debit: -$9,329.00
Max Profit (per contract): $671.00
Max Loss (per contract): -$329.00
Breakeven(s): $93.29
Risk / Reward Ratio: 2.040

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.

ATEX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ATEX. 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%	-$329.00
$21.31	-77.9%	-$329.00
$42.61	-55.8%	-$329.00
$63.91	-33.7%	-$329.00
$85.21	-11.6%	-$329.00
$106.51	+10.6%	+$671.00
$127.81	+32.7%	+$671.00
$149.11	+54.8%	+$671.00
$170.41	+76.9%	+$671.00
$191.71	+99.0%	+$671.00

When traders use collar on ATEX

Collars on ATEX hedge an existing long ATEX 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.

ATEX thesis for this collar

The market-implied 1-standard-deviation range for ATEX extends from approximately $73.39 on the downside to $119.29 on the upside. A ATEX collar hedges an existing long ATEX 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 ATEX IV rank near 33.88% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on ATEX should anchor more to the directional view and the expected-move geometry. As a Communication Services name, ATEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ATEX-specific events.

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

Frequently asked questions

What is a collar on ATEX?: A collar on ATEX is the collar strategy applied to ATEX (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 ATEX stock trading near $96.34, the strikes shown on this page are snapped to the nearest listed ATEX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ATEX 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 ATEX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 83.10%), the computed maximum profit is $671.00 per contract and the computed maximum loss is -$329.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ATEX collar?: The breakeven for the ATEX collar priced on this page is roughly $93.29 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ATEX market-implied 1-standard-deviation expected move is approximately 23.82%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on ATEX?: Collars on ATEX hedge an existing long ATEX 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 ATEX implied volatility affect this collar?: ATEX ATM IV is at 83.10% with IV rank near 33.88%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.