How are ENSG 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 ENSG collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.20%), the computed maximum profit is $814.50 per contract and the computed maximum loss is -$685.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ENSG collar?

The breakeven for the ENSG collar priced on this page is roughly $181.86 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 ENSG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ENSG implied volatility affect this collar?

ENSG ATM IV is at 30.20% with IV rank near 25.57%, 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.

ENSG Collar Strategy

ENSG (The Ensign Group, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.

The Ensign Group, Inc. operates as a healthcare provider, primarily concentrating on post-acute care services, alongside other supporting business ventures. The company's activities are organized into two main divisions: Skilled Services and Real Estate. Within its Skilled Services segment, Ensign provides extensive short-term and long-term nursing care tailored for patients recovering from extended illnesses, managing chronic health conditions, or requiring elder care. This division also encompasses a variety of rehabilitative therapies, such as physical, occupational, and speech therapy, among other specialized healthcare provisions. Beyond direct medical care, the company furnishes essential amenities like lodging, customized dietary programs, and opportunities for social engagement, recreation, and entertainment. Ensign additionally manages senior living facilities and delivers convenient mobile diagnostic services.

ENSG (The Ensign Group, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $10.59B, a trailing P/E of 27.80, a beta of 0.69 versus the broader market, a 52-week range of 141.58-218, average daily share volume of 690K, a public-listing history dating back to 2007, approximately 46K full-time employees. These structural characteristics shape how ENSG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.69 indicates ENSG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ENSG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on ENSG?

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.

ENSG snapshot

As of August 14, 2026, spot at $181.83, ATM IV 30.20%, IV rank 25.57%, expected move 8.66%. The collar on ENSG 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 35-day expiry.

Why this collar structure on ENSG specifically: IV regime affects collar pricing on both sides; compressed ENSG IV at 30.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 8.66% (roughly $15.74 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ENSG expiries trade a higher absolute premium for lower per-day decay. Position sizing on ENSG should anchor to the underlying notional of $181.83 per share and to the trader's directional view on ENSG stock.

ENSG collar setup

The ENSG 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 ENSG at $181.83 on that close, the first option leg uses a $190.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ENSG chain at a 35-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 ENSG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$181.83	long
Sell 1	Call	$190.00	$3.75
Buy 1	Put	$175.00	$3.78

ENSG collar risk and reward

Net Premium / Debit: -$18,185.50
Max Profit (per contract): $814.50
Max Loss (per contract): -$685.50
Breakeven(s): $181.86
Risk / Reward Ratio: 1.188

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.

ENSG collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ENSG. 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	-100.0%	-$685.50
$40.21	-77.9%	-$685.50
$80.42	-55.8%	-$685.50
$120.62	-33.7%	-$685.50
$160.82	-11.6%	-$685.50
$201.02	+10.6%	+$814.50
$241.23	+32.7%	+$814.50
$281.43	+54.8%	+$814.50
$321.63	+76.9%	+$814.50
$361.83	+99.0%	+$814.50

When traders use collar on ENSG

Collars on ENSG hedge an existing long ENSG 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.

ENSG thesis for this collar

The market-implied 1-standard-deviation range for ENSG extends from approximately $166.09 on the downside to $197.57 on the upside. A ENSG collar hedges an existing long ENSG 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 ENSG IV rank near 25.57% 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 ENSG at 30.20%. As a Healthcare name, ENSG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ENSG-specific events.

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

Frequently asked questions

What is a collar on ENSG?: A collar on ENSG is the collar strategy applied to ENSG (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 ENSG stock at $181.83 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ENSG chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ENSG 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 ENSG collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.20%), the computed maximum profit is $814.50 per contract and the computed maximum loss is -$685.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ENSG collar?: The breakeven for the ENSG collar priced on this page is roughly $181.86 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 ENSG market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on ENSG?: Collars on ENSG hedge an existing long ENSG 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 ENSG implied volatility affect this collar?: ENSG ATM IV is at 30.20% with IV rank near 25.57%, 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.