How are CLSK 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 CLSK collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 80.07%), the computed maximum profit is $59.50 per contract and the computed maximum loss is -$40.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a CLSK collar?

The breakeven for the CLSK collar priced on this page is roughly $11.91 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CLSK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current CLSK implied volatility affect this collar?

CLSK ATM IV is at 80.07% with IV rank near 23.24%, 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.

CLSK Collar Strategy

CLSK (CleanSpark, Inc.), in the Financial Services sector, (Asset Management - Cryptocurrency industry), listed on NASDAQ.

CleanSpark, Inc. is a global enterprise specializing in cryptocurrency mining and advanced energy technologies. The company's operations are divided into two primary divisions: Digital Currency Mining and Energy Solutions. Its Digital Currency Mining segment is dedicated to the extraction of bitcoin. The Energy Solutions division offers a comprehensive suite of services, including engineering expertise, software development, bespoke hardware, and solutions for open automated demand response, solar power, and energy storage. These offerings cater to microgrids and decentralized energy systems, serving a diverse client base across military, commercial, and residential sectors. This segment also develops sophisticated platforms that facilitate the creation, deployment, operation, and management of various energy assets.

CLSK (CleanSpark, Inc.) trades in the Financial Services sector, specifically Asset Management - Cryptocurrency, with a market capitalization of approximately $3.13B, a beta of 3.89 versus the broader market, a 52-week range of 8-23.61, average daily share volume of 22.3M, a public-listing history dating back to 2016, approximately 312 full-time employees. These structural characteristics shape how CLSK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.89 indicates CLSK has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. CLSK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on CLSK?

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.

CLSK snapshot

As of August 14, 2026, spot at $12.07, ATM IV 80.07%, IV rank 23.24%, expected move 22.95%. The collar on CLSK below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 28-day expiry.

Why this collar structure on CLSK specifically: IV regime affects collar pricing on both sides; compressed CLSK IV at 80.07% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 22.95% (roughly $2.77 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLSK expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLSK should anchor to the underlying notional of $12.07 per share and to the trader's directional view on CLSK stock.

CLSK collar setup

The CLSK collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CLSK at $12.07 on that close, the first option leg uses a $12.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLSK chain at a 28-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 CLSK shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$12.07	long
Sell 1	Call	$12.50	$0.92
Buy 1	Put	$11.50	$0.75

CLSK collar risk and reward

Net Premium / Debit: -$1,190.50
Max Profit (per contract): $59.50
Max Loss (per contract): -$40.50
Breakeven(s): $11.91
Risk / Reward Ratio: 1.469

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.

CLSK collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on CLSK. 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	-99.9%	-$40.50
$2.68	-77.8%	-$40.50
$5.35	-55.7%	-$40.50
$8.01	-33.6%	-$40.50
$10.68	-11.5%	-$40.50
$13.35	+10.6%	+$59.50
$16.02	+32.7%	+$59.50
$18.68	+54.8%	+$59.50
$21.35	+76.9%	+$59.50
$24.02	+99.0%	+$59.50

When traders use collar on CLSK

Collars on CLSK hedge an existing long CLSK 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.

CLSK thesis for this collar

The market-implied 1-standard-deviation range for CLSK extends from approximately $9.30 on the downside to $14.84 on the upside. A CLSK collar hedges an existing long CLSK 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 CLSK IV rank near 23.24% 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 CLSK at 80.07%. As a Financial Services name, CLSK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLSK-specific events.

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

Frequently asked questions

What is a collar on CLSK?: A collar on CLSK is the collar strategy applied to CLSK (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 CLSK stock at $12.07 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed CLSK chain strike and the premiums come straight from that session's bid/ask midpoint.
How are CLSK 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 CLSK collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 80.07%), the computed maximum profit is $59.50 per contract and the computed maximum loss is -$40.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a CLSK collar?: The breakeven for the CLSK collar priced on this page is roughly $11.91 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The CLSK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 22.95%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on CLSK?: Collars on CLSK hedge an existing long CLSK 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 CLSK implied volatility affect this collar?: CLSK ATM IV is at 80.07% with IV rank near 23.24%, 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.