How are ENPH 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 ENPH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 96.22%), the computed maximum profit is $258.50 per contract and the computed maximum loss is -$141.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ENPH collar?

The breakeven for the ENPH collar priced on this page is roughly $52.42 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 ENPH market-implied 1-standard-deviation expected move is approximately 27.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ENPH implied volatility affect this collar?

ENPH ATM IV is at 96.22% with IV rank near 88.98%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

ENPH Collar Strategy

ENPH (Enphase Energy, Inc.), in the Energy sector, (Solar industry), listed on NASDAQ.

Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gateway; and Enlighten cloud-based monitoring service, as well as other accessories. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

ENPH (Enphase Energy, Inc.) trades in the Energy sector, specifically Solar, with a market capitalization of approximately $5.54B, a trailing P/E of 40.86, a beta of 1.25 versus the broader market, a 52-week range of 25.78-52.93, average daily share volume of 5.9M, a public-listing history dating back to 2012, approximately 3K full-time employees. These structural characteristics shape how ENPH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.25 places ENPH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 40.86 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 ENPH?

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 ENPH snapshot

As of May 15, 2026, spot at $53.34, ATM IV 96.22%, IV rank 88.98%, expected move 27.59%. The collar on ENPH 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 ENPH specifically: IV regime affects collar pricing on both sides; elevated ENPH IV at 96.22% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 27.59% (roughly $14.71 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 ENPH expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENPH should anchor to the underlying notional of $53.34 per share and to the trader's directional view on ENPH stock.

ENPH collar setup

The ENPH 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 ENPH near $53.34, the first option leg uses a $55.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENPH 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 ENPH shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$53.34	long
Sell 1	Call	$55.00	$5.15
Buy 1	Put	$51.00	$4.23

ENPH collar risk and reward

Net Premium / Debit: -$5,241.50
Max Profit (per contract): $258.50
Max Loss (per contract): -$141.50
Breakeven(s): $52.42
Risk / Reward Ratio: 1.827

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.

ENPH collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ENPH. 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%	-$141.50
$11.80	-77.9%	-$141.50
$23.60	-55.8%	-$141.50
$35.39	-33.7%	-$141.50
$47.18	-11.5%	-$141.50
$58.97	+10.6%	+$258.50
$70.77	+32.7%	+$258.50
$82.56	+54.8%	+$258.50
$94.35	+76.9%	+$258.50
$106.14	+99.0%	+$258.50

When traders use collar on ENPH

Collars on ENPH hedge an existing long ENPH 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.

ENPH thesis for this collar

The market-implied 1-standard-deviation range for ENPH extends from approximately $38.63 on the downside to $68.05 on the upside. A ENPH collar hedges an existing long ENPH 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 ENPH IV rank near 88.98% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on ENPH at 96.22%. As a Energy name, ENPH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENPH-specific events.

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

Frequently asked questions

What is a collar on ENPH?: A collar on ENPH is the collar strategy applied to ENPH (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 ENPH stock trading near $53.34, the strikes shown on this page are snapped to the nearest listed ENPH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are ENPH 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 ENPH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 96.22%), the computed maximum profit is $258.50 per contract and the computed maximum loss is -$141.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ENPH collar?: The breakeven for the ENPH collar priced on this page is roughly $52.42 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 ENPH market-implied 1-standard-deviation expected move is approximately 27.59%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on ENPH?: Collars on ENPH hedge an existing long ENPH 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 ENPH implied volatility affect this collar?: ENPH ATM IV is at 96.22% with IV rank near 88.98%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.