EXK Collar Strategy
EXK (Endeavour Silver Corp.), in the Basic Materials sector, (Other Precious Metals industry), listed on NYSE.
Endeavour Silver Corp., a silver mining company, engages in the acquisition, exploration, development, extraction, processing, refining, and reclamation of mineral properties in Mexico and Chile. The company explores for gold and silver deposits, and precious metals. The company operates two producing silver-gold mines in Mexico, such as the Guanaceví mine in Durango; and the Bolañitos mine in Guanajuato. It is also advancing two exploration and development projects in Mexico, including the Terronera property in Jalisco; and the Parral properties in Chihuahua. In addition, the company holds interests in three exploration projects in northern Chile comprising the Aida silver project, the Paloma gold project, and the Cerro Marquez copper-molybdenum gold project. The company was formerly known as Endeavour Gold Corp. and changed its name to Endeavour Silver Corp. in September 2004.
EXK (Endeavour Silver Corp.) trades in the Basic Materials sector, specifically Other Precious Metals, with a market capitalization of approximately $3.34B, a beta of 2.41 versus the broader market, a 52-week range of 3.14-15.15, average daily share volume of 10.0M, a public-listing history dating back to 2006, approximately 2K full-time employees. These structural characteristics shape how EXK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.41 indicates EXK has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on EXK?
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 EXK snapshot
As of May 15, 2026, spot at $9.82, ATM IV 77.20%, IV rank 44.14%, expected move 22.13%. The collar on EXK 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 34-day expiry.
Why this collar structure on EXK specifically: IV regime affects collar pricing on both sides; mid-range EXK IV at 77.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 22.13% (roughly $2.17 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated EXK expiries trade a higher absolute premium for lower per-day decay. Position sizing on EXK should anchor to the underlying notional of $9.82 per share and to the trader's directional view on EXK stock.
EXK collar setup
The EXK 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 EXK near $9.82, the first option leg uses a $10.31 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed EXK chain at a 34-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 EXK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $9.82 | long |
| Sell 1 | Call | $10.31 | N/A |
| Buy 1 | Put | $9.33 | N/A |
EXK collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
EXK collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on EXK. 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.
When traders use collar on EXK
Collars on EXK hedge an existing long EXK 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.
EXK thesis for this collar
The market-implied 1-standard-deviation range for EXK extends from approximately $7.65 on the downside to $11.99 on the upside. A EXK collar hedges an existing long EXK 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 EXK IV rank near 44.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on EXK should anchor more to the directional view and the expected-move geometry. As a Basic Materials name, EXK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to EXK-specific events.
EXK 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. EXK positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move EXK alongside the broader basket even when EXK-specific fundamentals are unchanged. Always rebuild the position from current EXK chain quotes before placing a trade.
Frequently asked questions
- What is a collar on EXK?
- A collar on EXK is the collar strategy applied to EXK (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 EXK stock trading near $9.82, the strikes shown on this page are snapped to the nearest listed EXK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are EXK 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 EXK collar priced from the end-of-day chain at a 30-day expiry (ATM IV 77.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a EXK collar?
- The breakeven for the EXK collar priced on this page is no defined breakeven on the modeled curve 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 EXK market-implied 1-standard-deviation expected move is approximately 22.13%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on EXK?
- Collars on EXK hedge an existing long EXK 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 EXK implied volatility affect this collar?
- EXK ATM IV is at 77.20% with IV rank near 44.14%, 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.