How are CCI 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 CCI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 31.90%), the computed maximum profit is $286.50 per contract and the computed maximum loss is -$463.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CCI collar?

The breakeven for the CCI collar priced on this page is roughly $79.64 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 CCI market-implied 1-standard-deviation expected move is approximately 9.15%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CCI implied volatility affect this collar?

CCI ATM IV is at 31.90% with IV rank near 76.61%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

CCI Collar Strategy

CCI (Crown Castle Inc.), in the Real Estate sector, (REIT - Specialty industry), listed on NYSE.

Crown Castle Inc. specializes in critical digital infrastructure across the United States. The company actively manages, operates, and leases an expansive network, featuring over 40,000 cellular communication towers and approximately 80,000 miles of fiber optic cable. This comprehensive infrastructure underpins both small cell deployments and various advanced fiber solutions, spanning every significant U.S. metropolitan area. Through these vital connections, Crown Castle links communities and urban centers to essential data, cutting-edge technology, and indispensable wireless services, thereby delivering crucial information, innovative concepts, and communication capabilities to individuals and enterprises alike. More information can be found at www.crowncastle.com.

CCI (Crown Castle Inc.) trades in the Real Estate sector, specifically REIT - Specialty, with a market capitalization of approximately $36.06B, a trailing P/E of 34.02, a beta of 0.95 versus the broader market, a 52-week range of 75.96-115.76, average daily share volume of 3.7M, a public-listing history dating back to 1998, approximately 2K full-time employees. These structural characteristics shape how CCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.95 places CCI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CCI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on CCI?

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 CCI snapshot

As of June 29, 2026, spot at $78.56, ATM IV 31.90%, IV rank 76.61%, expected move 9.15%. The collar on CCI 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 17-day expiry.

Why this collar structure on CCI specifically: IV regime affects collar pricing on both sides; elevated CCI IV at 31.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.15% (roughly $7.18 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCI should anchor to the underlying notional of $78.56 per share and to the trader's directional view on CCI stock.

CCI collar setup

The CCI 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 CCI near $78.56, the first option leg uses a $82.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCI chain at a 17-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 CCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$78.56	long
Sell 1	Call	$82.50	$0.48
Buy 1	Put	$75.00	$1.55

CCI collar risk and reward

Net Premium / Debit: -$7,963.50
Max Profit (per contract): $286.50
Max Loss (per contract): -$463.50
Breakeven(s): $79.64
Risk / Reward Ratio: 0.618

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.

CCI collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on CCI. 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%	-$463.50
$17.38	-77.9%	-$463.50
$34.75	-55.8%	-$463.50
$52.12	-33.7%	-$463.50
$69.49	-11.6%	-$463.50
$86.85	+10.6%	+$286.50
$104.22	+32.7%	+$286.50
$121.59	+54.8%	+$286.50
$138.96	+76.9%	+$286.50
$156.33	+99.0%	+$286.50

When traders use collar on CCI

Collars on CCI hedge an existing long CCI 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.

CCI thesis for this collar

The market-implied 1-standard-deviation range for CCI extends from approximately $71.38 on the downside to $85.74 on the upside. A CCI collar hedges an existing long CCI 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 CCI IV rank near 76.61% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on CCI at 31.90%. As a Real Estate name, CCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCI-specific events.

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

Frequently asked questions

What is a collar on CCI?: A collar on CCI is the collar strategy applied to CCI (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 CCI stock trading near $78.56, the strikes shown on this page are snapped to the nearest listed CCI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CCI 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 CCI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 31.90%), the computed maximum profit is $286.50 per contract and the computed maximum loss is -$463.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CCI collar?: The breakeven for the CCI collar priced on this page is roughly $79.64 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 CCI market-implied 1-standard-deviation expected move is approximately 9.15%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CCI?: Collars on CCI hedge an existing long CCI 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 CCI implied volatility affect this collar?: CCI ATM IV is at 31.90% with IV rank near 76.61%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.