CLPR Collar Strategy
CLPR (Clipper Realty Inc.), in the Real Estate sector, (REIT - Residential industry), listed on NYSE.
Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.
CLPR (Clipper Realty Inc.) trades in the Real Estate sector, specifically REIT - Residential, with a market capitalization of approximately $48.6M, a beta of 0.97 versus the broader market, a 52-week range of 2.83-4.61, average daily share volume of 69K, a public-listing history dating back to 2017, approximately 171 full-time employees. These structural characteristics shape how CLPR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places CLPR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLPR pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CLPR?
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 CLPR snapshot
As of May 15, 2026, spot at $2.92, ATM IV 20.60%, IV rank 0.00%, expected move 5.91%. The collar on CLPR 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 CLPR specifically: IV regime affects collar pricing on both sides; compressed CLPR IV at 20.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.91% (roughly $0.17 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 CLPR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLPR should anchor to the underlying notional of $2.92 per share and to the trader's directional view on CLPR stock.
CLPR collar setup
The CLPR 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 CLPR near $2.92, the first option leg uses a $3.07 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLPR 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 CLPR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $2.92 | long |
| Sell 1 | Call | $3.07 | N/A |
| Buy 1 | Put | $2.77 | N/A |
CLPR 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.
CLPR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CLPR. 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 CLPR
Collars on CLPR hedge an existing long CLPR 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.
CLPR thesis for this collar
The market-implied 1-standard-deviation range for CLPR extends from approximately $2.75 on the downside to $3.09 on the upside. A CLPR collar hedges an existing long CLPR 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 CLPR IV rank near 0.00% 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 CLPR at 20.60%. As a Real Estate name, CLPR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLPR-specific events.
CLPR 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. CLPR positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLPR alongside the broader basket even when CLPR-specific fundamentals are unchanged. Always rebuild the position from current CLPR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CLPR?
- A collar on CLPR is the collar strategy applied to CLPR (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 CLPR stock trading near $2.92, the strikes shown on this page are snapped to the nearest listed CLPR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLPR 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 CLPR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 20.60%), 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 CLPR collar?
- The breakeven for the CLPR 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 CLPR market-implied 1-standard-deviation expected move is approximately 5.91%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CLPR?
- Collars on CLPR hedge an existing long CLPR 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 CLPR implied volatility affect this collar?
- CLPR ATM IV is at 20.60% with IV rank near 0.00%, 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.