COHR Collar Strategy
COHR (Coherent, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NYSE.
Coherent, Inc. provides lasers, laser-based technologies, and laser-based system solutions for a range of commercial, industrial, and scientific research applications. It operates in two segments, Original Equipment Manufacturers (OEM) Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products. Its products are used for applications in microelectronics, materials processing, OEM components and instrumentation, and scientific research and government programs. The company markets its products through a direct sales force in the United States, as well as through direct sales personnel and independent representatives internationally. Coherent, Inc. was founded in 1966 and is headquartered in Santa Clara, California.
COHR (Coherent, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $64.02B, a trailing P/E of 133.84, a beta of 2.05 versus the broader market, a 52-week range of 73.66-413, average daily share volume of 7.6M, a public-listing history dating back to 1987, approximately 26K full-time employees. These structural characteristics shape how COHR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.05 indicates COHR has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 133.84 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 COHR?
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 COHR snapshot
As of May 15, 2026, spot at $390.67, ATM IV 91.77%, IV rank 57.16%, expected move 26.31%. The collar on COHR 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 28-day expiry.
Why this collar structure on COHR specifically: IV regime affects collar pricing on both sides; mid-range COHR IV at 91.77% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 26.31% (roughly $102.79 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 COHR expiries trade a higher absolute premium for lower per-day decay. Position sizing on COHR should anchor to the underlying notional of $390.67 per share and to the trader's directional view on COHR stock.
COHR collar setup
The COHR 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 COHR near $390.67, the first option leg uses a $410.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed COHR 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 COHR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $390.67 | long |
| Sell 1 | Call | $410.00 | $32.10 |
| Buy 1 | Put | $370.00 | $28.85 |
COHR collar risk and reward
- Net Premium / Debit
- -$38,742.00
- Max Profit (per contract)
- $2,258.00
- Max Loss (per contract)
- -$1,742.00
- Breakeven(s)
- $387.42
- Risk / Reward Ratio
- 1.296
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.
COHR collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on COHR. 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% | -$1,742.00 |
| $86.39 | -77.9% | -$1,742.00 |
| $172.77 | -55.8% | -$1,742.00 |
| $259.14 | -33.7% | -$1,742.00 |
| $345.52 | -11.6% | -$1,742.00 |
| $431.90 | +10.6% | +$2,258.00 |
| $518.28 | +32.7% | +$2,258.00 |
| $604.66 | +54.8% | +$2,258.00 |
| $691.04 | +76.9% | +$2,258.00 |
| $777.41 | +99.0% | +$2,258.00 |
When traders use collar on COHR
Collars on COHR hedge an existing long COHR 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.
COHR thesis for this collar
The market-implied 1-standard-deviation range for COHR extends from approximately $287.88 on the downside to $493.46 on the upside. A COHR collar hedges an existing long COHR 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 COHR IV rank near 57.16% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on COHR should anchor more to the directional view and the expected-move geometry. As a Technology name, COHR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to COHR-specific events.
COHR 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. COHR positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move COHR alongside the broader basket even when COHR-specific fundamentals are unchanged. Always rebuild the position from current COHR chain quotes before placing a trade.
Frequently asked questions
- What is a collar on COHR?
- A collar on COHR is the collar strategy applied to COHR (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 COHR stock trading near $390.67, the strikes shown on this page are snapped to the nearest listed COHR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are COHR 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 COHR collar priced from the end-of-day chain at a 30-day expiry (ATM IV 91.77%), the computed maximum profit is $2,258.00 per contract and the computed maximum loss is -$1,742.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a COHR collar?
- The breakeven for the COHR collar priced on this page is roughly $387.42 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 COHR market-implied 1-standard-deviation expected move is approximately 26.31%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on COHR?
- Collars on COHR hedge an existing long COHR 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 COHR implied volatility affect this collar?
- COHR ATM IV is at 91.77% with IV rank near 57.16%, 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.