CDLX Collar Strategy
CDLX (Cardlytics, Inc.), in the Communication Services sector, (Advertising Agencies industry), listed on NASDAQ.
Cardlytics, Inc. provides an advertising platform, operating in both the United States and the United Kingdom. Among its key offerings is the Cardlytics platform, a proprietary advertising channel integrated directly into banks' digital environments. This system allows marketers to engage customers through the vast networks of their financial institution partners, leveraging digital avenues such as online portals, mobile applications, email, and various real-time alerts. Furthermore, the company offers the Bridg platform, a comprehensive customer data solution that processes point-of-sale information. This enables marketers to conduct advanced analytics, implement highly targeted loyalty initiatives, and precisely evaluate the performance of their marketing efforts. Cardlytics, Inc. was founded in 2008 and is headquartered in Atlanta, Georgia.
CDLX (Cardlytics, Inc.) trades in the Communication Services sector, specifically Advertising Agencies, with a market capitalization of approximately $27.4M, a beta of 0.58 versus the broader market, a 52-week range of 4.5-32.8, average daily share volume of 112K, a public-listing history dating back to 2018, approximately 440 full-time employees. These structural characteristics shape how CDLX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.58 indicates CDLX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.
What is a collar on CDLX?
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 CDLX snapshot
As of June 29, 2026, spot at $5.00, ATM IV 213.30%, IV rank 60.81%, expected move 61.15%. The collar on CDLX 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 18-day expiry.
Why this collar structure on CDLX specifically: IV regime affects collar pricing on both sides; mid-range CDLX IV at 213.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 61.15% (roughly $3.06 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CDLX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CDLX should anchor to the underlying notional of $5.00 per share and to the trader's directional view on CDLX stock.
CDLX collar setup
The CDLX 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 CDLX near $5.00, the first option leg uses a $5.25 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CDLX chain at a 18-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 CDLX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $5.00 | long |
| Sell 1 | Call | $5.25 | N/A |
| Buy 1 | Put | $4.75 | N/A |
CDLX 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.
CDLX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CDLX. 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 CDLX
Collars on CDLX hedge an existing long CDLX 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.
CDLX thesis for this collar
The market-implied 1-standard-deviation range for CDLX extends from approximately $1.94 on the downside to $8.06 on the upside. A CDLX collar hedges an existing long CDLX 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 CDLX IV rank near 60.81% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CDLX should anchor more to the directional view and the expected-move geometry. As a Communication Services name, CDLX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CDLX-specific events.
CDLX 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. CDLX positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CDLX alongside the broader basket even when CDLX-specific fundamentals are unchanged. Always rebuild the position from current CDLX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CDLX?
- A collar on CDLX is the collar strategy applied to CDLX (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 CDLX stock trading near $5.00, the strikes shown on this page are snapped to the nearest listed CDLX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CDLX 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 CDLX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 213.30%), 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 CDLX collar?
- The breakeven for the CDLX 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 CDLX market-implied 1-standard-deviation expected move is approximately 61.15%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CDLX?
- Collars on CDLX hedge an existing long CDLX 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 CDLX implied volatility affect this collar?
- CDLX ATM IV is at 213.30% with IV rank near 60.81%, 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.