How are CLDX 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 CLDX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 55.90%), the computed maximum profit is $204.50 per contract and the computed maximum loss is -$195.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLDX collar?

The breakeven for the CLDX collar priced on this page is roughly $36.96 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 CLDX market-implied 1-standard-deviation expected move is approximately 16.03%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLDX implied volatility affect this collar?

CLDX ATM IV is at 55.90% with IV rank near 7.82%, 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.

CLDX Collar Strategy

CLDX (Celldex Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Celldex Therapeutics, Inc. is a biopharmaceutical company dedicated to developing antibody-based treatments, specifically monoclonal and bispecific antibodies, for a range of diseases. Their pipeline features therapeutic candidates aimed at both inflammatory conditions and various forms of cancer. Among their key clinical programs: CDX-0159 is a Phase I monoclonal antibody designed to bind to and inhibit the activity of the KIT receptor tyrosine kinase. CDX-1140 is a human agonist monoclonal antibody that targets CD40, a critical immune response activator found on immune cells such as dendritic cells, macrophages, and B cells, as well as on several cancer cell types. CDX-527 is a bispecific antibody that integrates Celldex's proprietary anti-PD-L1 and CD27 human antibodies. Its mechanism involves combining CD27 costimulation with blockade of the PD-L1/PD-1 pathway to prime and activate anti-tumor T-cell responses.

CLDX (Celldex Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.35B, a beta of 0.93 versus the broader market, a 52-week range of 19.52-35.79, average daily share volume of 1.0M, a public-listing history dating back to 1986, approximately 186 full-time employees. These structural characteristics shape how CLDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.93 places CLDX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a collar on CLDX?

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 CLDX snapshot

As of June 30, 2026, spot at $37.27, ATM IV 55.90%, IV rank 7.82%, expected move 16.03%. The collar on CLDX 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 CLDX specifically: IV regime affects collar pricing on both sides; compressed CLDX IV at 55.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 16.03% (roughly $5.97 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 CLDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLDX should anchor to the underlying notional of $37.27 per share and to the trader's directional view on CLDX stock.

CLDX collar setup

The CLDX 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 CLDX near $37.27, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLDX 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 CLDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$37.27	long
Sell 1	Call	$39.00	$1.13
Buy 1	Put	$35.00	$0.81

CLDX collar risk and reward

Net Premium / Debit: -$3,695.50
Max Profit (per contract): $204.50
Max Loss (per contract): -$195.50
Breakeven(s): $36.96
Risk / Reward Ratio: 1.046

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.

CLDX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on CLDX. 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%	-$195.50
$8.25	-77.9%	-$195.50
$16.49	-55.8%	-$195.50
$24.73	-33.7%	-$195.50
$32.97	-11.5%	-$195.50
$41.21	+10.6%	+$204.50
$49.45	+32.7%	+$204.50
$57.69	+54.8%	+$204.50
$65.93	+76.9%	+$204.50
$74.17	+99.0%	+$204.50

When traders use collar on CLDX

Collars on CLDX hedge an existing long CLDX 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.

CLDX thesis for this collar

The market-implied 1-standard-deviation range for CLDX extends from approximately $31.30 on the downside to $43.24 on the upside. A CLDX collar hedges an existing long CLDX 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 CLDX IV rank near 7.82% 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 CLDX at 55.90%. As a Healthcare name, CLDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLDX-specific events.

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

Frequently asked questions

What is a collar on CLDX?: A collar on CLDX is the collar strategy applied to CLDX (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 CLDX stock trading near $37.27, the strikes shown on this page are snapped to the nearest listed CLDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLDX 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 CLDX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 55.90%), the computed maximum profit is $204.50 per contract and the computed maximum loss is -$195.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLDX collar?: The breakeven for the CLDX collar priced on this page is roughly $36.96 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 CLDX market-implied 1-standard-deviation expected move is approximately 16.03%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CLDX?: Collars on CLDX hedge an existing long CLDX 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 CLDX implied volatility affect this collar?: CLDX ATM IV is at 55.90% with IV rank near 7.82%, 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.