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 42.10%), the computed maximum profit is $176.50 per contract and the computed maximum loss is -$123.50 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 $31.24 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 12.07%; 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 42.10% with IV rank near 3.82%, 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., a biopharmaceutical company, engages in developing therapeutic monoclonal and bispecific antibodies for the treatment of various diseases. Its drug candidates include antibody-based therapeutics to treat patients with inflammatory diseases and various forms of cancer. The company's clinical development programs CDX-0159, a Phase I monoclonal antibody that binds the receptor tyrosine kinase KIT and inhibits its activity; CDX-1140, a human agonist monoclonal antibody targeted to CD40, a key activator of immune response, which is found on dendritic cells, macrophages, and B cells, as well as is expressed on various cancer cells; and CDX-527, a bispecific antibody, which uses the company's proprietary active anti-PD-L1 and CD27 human antibodies to couple CD27 costimulation with blockade of the PD-L1/PD-1 pathway to help prime and activate anti-tumor T cell responses through CD27 costimulation. The company has research collaboration and license agreements with University of Southampton to develop human antibodies towards CD27; Amgen Inc. with exclusive rights to CDX-301 and CD40 ligand; and Yale University. Celldex Therapeutics, Inc. was incorporated in 1983 and is headquartered in Hampton, New Jersey.

CLDX (Celldex Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.16B, a beta of 0.98 versus the broader market, a 52-week range of 18.55-35.79, average daily share volume of 1.1M, 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 0.98 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 May 15, 2026, spot at $31.31, ATM IV 42.10%, IV rank 3.82%, expected move 12.07%. 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 34-day expiry.

Why this collar structure on CLDX specifically: IV regime affects collar pricing on both sides; compressed CLDX IV at 42.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 12.07% (roughly $3.78 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 CLDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLDX should anchor to the underlying notional of $31.31 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 $31.31, the first option leg uses a $33.00 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 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 CLDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$31.31	long
Sell 1	Call	$33.00	$1.08
Buy 1	Put	$30.00	$1.00

CLDX collar risk and reward

Net Premium / Debit: -$3,123.50
Max Profit (per contract): $176.50
Max Loss (per contract): -$123.50
Breakeven(s): $31.24
Risk / Reward Ratio: 1.429

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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$123.50
$6.93	-77.9%	-$123.50
$13.85	-55.8%	-$123.50
$20.78	-33.6%	-$123.50
$27.70	-11.5%	-$123.50
$34.62	+10.6%	+$176.50
$41.54	+32.7%	+$176.50
$48.46	+54.8%	+$176.50
$55.38	+76.9%	+$176.50
$62.31	+99.0%	+$176.50

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 $27.53 on the downside to $35.09 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 3.82% 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 42.10%. 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 $31.31, 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 42.10%), the computed maximum profit is $176.50 per contract and the computed maximum loss is -$123.50 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 $31.24 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 12.07%; 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 42.10% with IV rank near 3.82%, 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.