CLMT Collar Strategy
CLMT (Calumet Inc.), in the Energy sector, (Oil & Gas Refining & Marketing industry), listed on NASDAQ.
Calumet, Inc. engages in the manufacturing, formulation, and sale of specialty branded products and renewable fuel. It operates through the following segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate. The Specialty Products & Solutions segment consists of customer-focused solutions and formulation businesses. The Montana/Renewables segment is composed of a Great Falls specialty asphalt facility and Montana Renewables facility. The Performance Brands segment includes Royal Purple, Bel-Ray, and TruFuel. The Corporate segment focuses on the general and administrative expenses not allocated to other segments.
CLMT (Calumet Inc.) trades in the Energy sector, specifically Oil & Gas Refining & Marketing, with a market capitalization of approximately $3.06B, a beta of 0.72 versus the broader market, a 52-week range of 12.94-38.75, average daily share volume of 1.1M, a public-listing history dating back to 2006, approximately 2K full-time employees. These structural characteristics shape how CLMT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.72 places CLMT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on CLMT?
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 CLMT snapshot
As of June 30, 2026, spot at $35.68, ATM IV 49.20%, IV rank 30.27%, expected move 14.11%. The collar on CLMT 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 CLMT specifically: IV regime affects collar pricing on both sides; mid-range CLMT IV at 49.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 14.11% (roughly $5.03 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 CLMT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLMT should anchor to the underlying notional of $35.68 per share and to the trader's directional view on CLMT stock.
CLMT collar setup
The CLMT 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 CLMT near $35.68, the first option leg uses a $37.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLMT 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 CLMT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $35.68 | long |
| Sell 1 | Call | $37.00 | $1.00 |
| Buy 1 | Put | $34.00 | $0.83 |
CLMT collar risk and reward
- Net Premium / Debit
- -$3,550.50
- Max Profit (per contract)
- $149.50
- Max Loss (per contract)
- -$150.50
- Breakeven(s)
- $35.50
- Risk / Reward Ratio
- 0.993
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.
CLMT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CLMT. 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% | -$150.50 |
| $7.90 | -77.9% | -$150.50 |
| $15.79 | -55.8% | -$150.50 |
| $23.67 | -33.6% | -$150.50 |
| $31.56 | -11.5% | -$150.50 |
| $39.45 | +10.6% | +$149.50 |
| $47.34 | +32.7% | +$149.50 |
| $55.23 | +54.8% | +$149.50 |
| $63.11 | +76.9% | +$149.50 |
| $71.00 | +99.0% | +$149.50 |
When traders use collar on CLMT
Collars on CLMT hedge an existing long CLMT 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.
CLMT thesis for this collar
The market-implied 1-standard-deviation range for CLMT extends from approximately $30.65 on the downside to $40.71 on the upside. A CLMT collar hedges an existing long CLMT 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 CLMT IV rank near 30.27% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CLMT should anchor more to the directional view and the expected-move geometry. As a Energy name, CLMT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLMT-specific events.
CLMT 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. CLMT positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLMT alongside the broader basket even when CLMT-specific fundamentals are unchanged. Always rebuild the position from current CLMT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CLMT?
- A collar on CLMT is the collar strategy applied to CLMT (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 CLMT stock trading near $35.68, the strikes shown on this page are snapped to the nearest listed CLMT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLMT 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 CLMT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 49.20%), the computed maximum profit is $149.50 per contract and the computed maximum loss is -$150.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLMT collar?
- The breakeven for the CLMT collar priced on this page is roughly $35.50 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 CLMT market-implied 1-standard-deviation expected move is approximately 14.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CLMT?
- Collars on CLMT hedge an existing long CLMT 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 CLMT implied volatility affect this collar?
- CLMT ATM IV is at 49.20% with IV rank near 30.27%, 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.