CIGI Covered Call Strategy
CIGI (Colliers International Group Inc.), in the Real Estate sector, (Real Estate - Services industry), listed on NASDAQ.
Colliers International Group Inc., headquartered in Toronto, Canada, and established in 1972, offers a comprehensive suite of professional commercial real estate services and investment management solutions. The company serves a diverse clientele of corporate and institutional clients across broad geographies, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. Within their professional services, Colliers provides sales brokerage, which includes real estate transactions, debt origination, equity capital raising, market value opinions, acquisition advisory, and transaction management. Additionally, they offer landlord and tenant representation. Alongside these, the company delivers outsourcing and advisory services such as corporate and workplace solutions, valuation and strategic advisory, workplace strategy, loan servicing, property marketing, in-depth research, and engineering design services for specific end-markets including property and building, infrastructure, transportation, environmental, and telecommunications. Furthermore, their property management solutions encompass building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract management, and construction management.
CIGI (Colliers International Group Inc.) trades in the Real Estate sector, specifically Real Estate - Services, with a market capitalization of approximately $4.62B, a trailing P/E of 40.06, a beta of 1.26 versus the broader market, a 52-week range of 88.38-171.51, average daily share volume of 257K, a public-listing history dating back to 1995, approximately 23K full-time employees. These structural characteristics shape how CIGI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.26 places CIGI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 40.06 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple. CIGI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a covered call on CIGI?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current CIGI snapshot
As of June 30, 2026, spot at $93.89, ATM IV 342.10%, IV rank 73.67%, expected move 98.08%. The covered call on CIGI 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 52-day expiry.
Why this covered call structure on CIGI specifically: CIGI IV at 342.10% is rich versus its 1-year range, which favors premium-selling structures like a CIGI covered call, with a market-implied 1-standard-deviation move of approximately 98.08% (roughly $92.08 on the underlying). The 52-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CIGI expiries trade a higher absolute premium for lower per-day decay. Position sizing on CIGI should anchor to the underlying notional of $93.89 per share and to the trader's directional view on CIGI stock.
CIGI covered call setup
The CIGI covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CIGI near $93.89, 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 CIGI chain at a 52-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 CIGI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $93.89 | long |
| Sell 1 | Call | $100.00 | $2.20 |
CIGI covered call risk and reward
- Net Premium / Debit
- -$9,169.00
- Max Profit (per contract)
- $831.00
- Max Loss (per contract)
- -$9,168.00
- Breakeven(s)
- $91.69
- Risk / Reward Ratio
- 0.091
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
CIGI covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on CIGI. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$9,168.00 |
| $20.77 | -77.9% | -$7,092.15 |
| $41.53 | -55.8% | -$5,016.30 |
| $62.29 | -33.7% | -$2,940.45 |
| $83.04 | -11.6% | -$864.60 |
| $103.80 | +10.6% | +$831.00 |
| $124.56 | +32.7% | +$831.00 |
| $145.32 | +54.8% | +$831.00 |
| $166.08 | +76.9% | +$831.00 |
| $186.84 | +99.0% | +$831.00 |
When traders use covered call on CIGI
Covered calls on CIGI are an income strategy run on existing CIGI stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
CIGI thesis for this covered call
The market-implied 1-standard-deviation range for CIGI extends from approximately $1.81 on the downside to $185.97 on the upside. A CIGI covered call collects premium on an existing long CIGI position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether CIGI will breach that level within the expiration window. Current CIGI IV rank near 73.67% 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 CIGI at 342.10%. As a Real Estate name, CIGI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CIGI-specific events.
CIGI covered call positions are structurally neutral to slightly bullish; 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. CIGI positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CIGI alongside the broader basket even when CIGI-specific fundamentals are unchanged. Short-premium structures like a covered call on CIGI carry tail risk when realized volatility exceeds the implied move; review historical CIGI earnings reactions and macro stress periods before sizing. Always rebuild the position from current CIGI chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on CIGI?
- A covered call on CIGI is the covered call strategy applied to CIGI (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With CIGI stock trading near $93.89, the strikes shown on this page are snapped to the nearest listed CIGI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CIGI covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the CIGI covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 342.10%), the computed maximum profit is $831.00 per contract and the computed maximum loss is -$9,168.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CIGI covered call?
- The breakeven for the CIGI covered call priced on this page is roughly $91.69 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 CIGI market-implied 1-standard-deviation expected move is approximately 98.08%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on CIGI?
- Covered calls on CIGI are an income strategy run on existing CIGI stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current CIGI implied volatility affect this covered call?
- CIGI ATM IV is at 342.10% with IV rank near 73.67%, 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.