How are EXE 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 EXE collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.80%), the computed maximum profit is $547.00 per contract and the computed maximum loss is -$453.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a EXE collar?

The breakeven for the EXE collar priced on this page is roughly $94.53 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 EXE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current EXE implied volatility affect this collar?

EXE ATM IV is at 27.80% with IV rank near 52.77%, 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.

EXE Collar Strategy

EXE (Expand Energy Corporation), in the Energy sector, (Oil & Gas Exploration & Production industry), listed on NASDAQ.

Expand Energy Corporation functions as an independent entity primarily focused on the discovery and extraction of energy resources throughout the United States. Its core operations involve the acquisition, exploration, and subsequent development of properties to produce crude oil, natural gas, and associated liquid hydrocarbons from subterranean geological formations. The company maintains significant interests in key natural gas production areas, specifically within Pennsylvania's northern Appalachian Basin (Marcellus Shale) and northwestern Louisiana (Haynesville/Bossier Shales). As of December 31, 2023, its asset base featured a diverse collection of onshore U.S. unconventional natural gas properties, including ownership stakes in approximately 5,000 natural gas wells. Established in 1989 and based in Oklahoma City, Oklahoma, the corporation was formerly known as Chesapeake Energy Corporation before officially adopting the Expand Energy Corporation name in October 2024.

EXE (Expand Energy Corporation) trades in the Energy sector, specifically Oil & Gas Exploration & Production, with a market capitalization of approximately $22.29B, a trailing P/E of 8.25, a beta of 0.32 versus the broader market, a 52-week range of 84.985-126.621, average daily share volume of 3.5M, a public-listing history dating back to 2021, approximately 2K full-time employees. These structural characteristics shape how EXE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.32 indicates EXE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 8.25 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. EXE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on EXE?

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.

EXE snapshot

As of August 14, 2026, spot at $94.88, ATM IV 27.80%, IV rank 52.77%, expected move 7.97%. The collar on EXE 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 EXE specifically: IV regime affects collar pricing on both sides; mid-range EXE IV at 27.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.97% (roughly $7.56 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 EXE expiries trade a higher absolute premium for lower per-day decay. Position sizing on EXE should anchor to the underlying notional of $94.88 per share and to the trader's directional view on EXE stock.

EXE collar setup

The EXE 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 EXE at $94.88 on that close, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EXE 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 EXE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$94.88	long
Sell 1	Call	$100.00	$1.58
Buy 1	Put	$90.00	$1.23

EXE collar risk and reward

Net Premium / Debit: -$9,453.00
Max Profit (per contract): $547.00
Max Loss (per contract): -$453.00
Breakeven(s): $94.53
Risk / Reward Ratio: 1.208

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.

EXE collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on EXE. 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%	-$453.00
$20.99	-77.9%	-$453.00
$41.96	-55.8%	-$453.00
$62.94	-33.7%	-$453.00
$83.92	-11.6%	-$453.00
$104.90	+10.6%	+$547.00
$125.87	+32.7%	+$547.00
$146.85	+54.8%	+$547.00
$167.83	+76.9%	+$547.00
$188.81	+99.0%	+$547.00

When traders use collar on EXE

Collars on EXE hedge an existing long EXE 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.

EXE thesis for this collar

The market-implied 1-standard-deviation range for EXE extends from approximately $87.32 on the downside to $102.44 on the upside. A EXE collar hedges an existing long EXE 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 EXE IV rank near 52.77% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on EXE should anchor more to the directional view and the expected-move geometry. As a Energy name, EXE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EXE-specific events.

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

Frequently asked questions

What is a collar on EXE?: A collar on EXE is the collar strategy applied to EXE (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 EXE stock at $94.88 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed EXE chain strike and the premiums come straight from that session's bid/ask midpoint.
How are EXE 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 EXE collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 27.80%), the computed maximum profit is $547.00 per contract and the computed maximum loss is -$453.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a EXE collar?: The breakeven for the EXE collar priced on this page is roughly $94.53 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 EXE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 7.97%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on EXE?: Collars on EXE hedge an existing long EXE 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 EXE implied volatility affect this collar?: EXE ATM IV is at 27.80% with IV rank near 52.77%, 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.