CBLL Collar Strategy
CBLL (CeriBell, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
CeriBell, Inc. develops AI based point-of-care electroencephalography (EEG) technology for the detection and treatment of neurological conditions. The company develops Ceribell System, a novel, point-of-care EEG platform to address the unmet needs of patients in the acute care setting. It also offers EEG disposable headbands; and pocket-sized battery-operated recorders. The company was formerly known as Brain Stethoscope, Inc. and changed its name to CeriBell, Inc. in August 2015. The company was incorporated in 2014 and is based in Sunnyvale, California.
CBLL (CeriBell, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $678.3M, a beta of 0.99 versus the broader market, a 52-week range of 10.85-24.33, average daily share volume of 298K, a public-listing history dating back to 2024, approximately 281 full-time employees. These structural characteristics shape how CBLL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.99 places CBLL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on CBLL?
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 CBLL snapshot
As of May 15, 2026, spot at $16.42, ATM IV 93.90%, IV rank 21.31%, expected move 26.92%. The collar on CBLL 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 34-day expiry.
Why this collar structure on CBLL specifically: IV regime affects collar pricing on both sides; compressed CBLL IV at 93.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 26.92% (roughly $4.42 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CBLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on CBLL should anchor to the underlying notional of $16.42 per share and to the trader's directional view on CBLL stock.
CBLL collar setup
The CBLL 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 CBLL near $16.42, the first option leg uses a $17.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CBLL chain at a 34-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 CBLL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $16.42 | long |
| Sell 1 | Call | $17.24 | N/A |
| Buy 1 | Put | $15.60 | N/A |
CBLL 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.
CBLL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CBLL. 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 CBLL
Collars on CBLL hedge an existing long CBLL 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.
CBLL thesis for this collar
The market-implied 1-standard-deviation range for CBLL extends from approximately $12.00 on the downside to $20.84 on the upside. A CBLL collar hedges an existing long CBLL 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 CBLL IV rank near 21.31% 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 CBLL at 93.90%. As a Healthcare name, CBLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CBLL-specific events.
CBLL 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. CBLL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CBLL alongside the broader basket even when CBLL-specific fundamentals are unchanged. Always rebuild the position from current CBLL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CBLL?
- A collar on CBLL is the collar strategy applied to CBLL (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 CBLL stock trading near $16.42, the strikes shown on this page are snapped to the nearest listed CBLL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CBLL 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 CBLL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 93.90%), 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 CBLL collar?
- The breakeven for the CBLL collar priced on this page is no defined breakeven on the modeled curve 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 CBLL market-implied 1-standard-deviation expected move is approximately 26.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CBLL?
- Collars on CBLL hedge an existing long CBLL 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 CBLL implied volatility affect this collar?
- CBLL ATM IV is at 93.90% with IV rank near 21.31%, 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.