How are CLH 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 CLH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 28.60%), the computed maximum profit is $1,161.50 per contract and the computed maximum loss is -$1,838.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLH collar?

The breakeven for the CLH collar priced on this page is roughly $298.39 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 CLH market-implied 1-standard-deviation expected move is approximately 8.20%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLH implied volatility affect this collar?

CLH ATM IV is at 28.60% with IV rank near 32.06%, 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.

CLH Collar Strategy

CLH (Clean Harbors, Inc.), in the Industrials sector, (Waste Management industry), listed on NYSE.

Clean Harbors, Inc. delivers a comprehensive range of environmental and industrial services across North America. The company is structured into two primary divisions: Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment manages the entire lifecycle of waste, from collection and transportation to treatment and final disposal of both hazardous and non-hazardous materials. This involves employing various techniques including resource reclamation, physical processing, fuel blending, incineration, secure landfilling, wastewater purification, and the proper handling of laboratory chemicals and explosive materials. Its specialized CleanPack services meticulously manage the collection, identification, categorization, bespoke packaging, transportation, and ultimate disposal of sensitive laboratory chemicals and household hazardous waste. This division further extends to industrial maintenance and specialized on-site industrial operations, leveraging advanced equipment and personnel for fieldwork.

CLH (Clean Harbors, Inc.) trades in the Industrials sector, specifically Waste Management, with a market capitalization of approximately $15.94B, a trailing P/E of 40.29, a beta of 0.88 versus the broader market, a 52-week range of 201.34-316.98, average daily share volume of 538K, a public-listing history dating back to 1987, approximately 23K full-time employees. These structural characteristics shape how CLH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.88 places CLH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 40.29 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.

What is a collar on CLH?

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 CLH snapshot

As of June 29, 2026, spot at $299.81, ATM IV 28.60%, IV rank 32.06%, expected move 8.20%. The collar on CLH 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 CLH specifically: IV regime affects collar pricing on both sides; mid-range CLH IV at 28.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 8.20% (roughly $24.58 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 CLH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLH should anchor to the underlying notional of $299.81 per share and to the trader's directional view on CLH stock.

CLH collar setup

The CLH 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 CLH near $299.81, the first option leg uses a $310.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLH 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 CLH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$299.81	long
Sell 1	Call	$310.00	$3.45
Buy 1	Put	$280.00	$2.03

CLH collar risk and reward

Net Premium / Debit: -$29,838.50
Max Profit (per contract): $1,161.50
Max Loss (per contract): -$1,838.50
Breakeven(s): $298.39
Risk / Reward Ratio: 0.632

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.

CLH collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on CLH. 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%	-$1,838.50
$66.30	-77.9%	-$1,838.50
$132.59	-55.8%	-$1,838.50
$198.88	-33.7%	-$1,838.50
$265.16	-11.6%	-$1,838.50
$331.45	+10.6%	+$1,161.50
$397.74	+32.7%	+$1,161.50
$464.03	+54.8%	+$1,161.50
$530.32	+76.9%	+$1,161.50
$596.61	+99.0%	+$1,161.50

When traders use collar on CLH

Collars on CLH hedge an existing long CLH 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.

CLH thesis for this collar

The market-implied 1-standard-deviation range for CLH extends from approximately $275.23 on the downside to $324.39 on the upside. A CLH collar hedges an existing long CLH 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 CLH IV rank near 32.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CLH should anchor more to the directional view and the expected-move geometry. As a Industrials name, CLH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLH-specific events.

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

Frequently asked questions

What is a collar on CLH?: A collar on CLH is the collar strategy applied to CLH (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 CLH stock trading near $299.81, the strikes shown on this page are snapped to the nearest listed CLH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are CLH 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 CLH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 28.60%), the computed maximum profit is $1,161.50 per contract and the computed maximum loss is -$1,838.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLH collar?: The breakeven for the CLH collar priced on this page is roughly $298.39 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 CLH market-implied 1-standard-deviation expected move is approximately 8.20%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CLH?: Collars on CLH hedge an existing long CLH 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 CLH implied volatility affect this collar?: CLH ATM IV is at 28.60% with IV rank near 32.06%, 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.