CLFD Collar Strategy
CLFD (Clearfield, Inc.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
Clearfield, Inc. specializes in the development, manufacturing, and global distribution of both standard and customized passive fiber optic connectivity solutions. These products cater to a diverse clientele, including entities engaged in fiber-to-the-premises (FTTP) deployments, enterprise networks, and original equipment manufacturers (OEMs) across the United States and internationally. The company's extensive product portfolio encompasses several key lines: FieldSmart: A range of physical infrastructure components such as panels, cabinets, and wall boxes, specifically designed for housing and protecting fiber optic connections. WaveSmart: Optical components critical for managing light signals, enabling functions like coupling, splitting, termination, multiplexing, demultiplexing, and attenuation when integrated into their fiber management systems. Solutions for outdoor network installations, including outdoor and fiber active cabinet products. StreetSmart: Various fiber management products tailored for network organization.
CLFD (Clearfield, Inc.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $525.0M, a beta of 2.09 versus the broader market, a 52-week range of 23.76-52.73, average daily share volume of 303K, a public-listing history dating back to 1986, approximately 400 full-time employees. These structural characteristics shape how CLFD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.09 indicates CLFD has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on CLFD?
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 CLFD snapshot
As of June 30, 2026, spot at $40.08, ATM IV 74.40%, IV rank 49.73%, expected move 21.33%. The collar on CLFD 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 CLFD specifically: IV regime affects collar pricing on both sides; mid-range CLFD IV at 74.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 21.33% (roughly $8.55 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 CLFD expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLFD should anchor to the underlying notional of $40.08 per share and to the trader's directional view on CLFD stock.
CLFD collar setup
The CLFD 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 CLFD near $40.08, the first option leg uses a $42.08 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLFD 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 CLFD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $40.08 | long |
| Sell 1 | Call | $42.08 | N/A |
| Buy 1 | Put | $38.08 | N/A |
CLFD 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.
CLFD collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CLFD. 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 CLFD
Collars on CLFD hedge an existing long CLFD 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.
CLFD thesis for this collar
The market-implied 1-standard-deviation range for CLFD extends from approximately $31.53 on the downside to $48.63 on the upside. A CLFD collar hedges an existing long CLFD 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 CLFD IV rank near 49.73% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CLFD should anchor more to the directional view and the expected-move geometry. As a Technology name, CLFD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLFD-specific events.
CLFD 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. CLFD positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLFD alongside the broader basket even when CLFD-specific fundamentals are unchanged. Always rebuild the position from current CLFD chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CLFD?
- A collar on CLFD is the collar strategy applied to CLFD (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 CLFD stock trading near $40.08, the strikes shown on this page are snapped to the nearest listed CLFD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLFD 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 CLFD collar priced from the end-of-day chain at a 30-day expiry (ATM IV 74.40%), 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 CLFD collar?
- The breakeven for the CLFD 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 CLFD market-implied 1-standard-deviation expected move is approximately 21.33%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CLFD?
- Collars on CLFD hedge an existing long CLFD 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 CLFD implied volatility affect this collar?
- CLFD ATM IV is at 74.40% with IV rank near 49.73%, 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.