How are FCN 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 FCN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 38.10%), the computed maximum profit is $650.50 per contract and the computed maximum loss is -$849.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FCN collar?

The breakeven for the FCN collar priced on this page is roughly $143.50 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 FCN market-implied 1-standard-deviation expected move is approximately 10.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FCN implied volatility affect this collar?

FCN ATM IV is at 38.10% with IV rank near 54.51%, 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.

FCN Collar Strategy

FCN (FTI Consulting, Inc.), in the Industrials sector, (Consulting Services industry), listed on NYSE.

FTI Consulting, Inc. provides business advisory services to manage change, mitigate risk, and resolve disputes worldwide. The company operates through five segments: Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology, and Strategic Communications. Its Corporate Finance & Restructuring segment provides business transformation, transactions, and turnaround and restructuring services. The company's Forensic and Litigation Consulting segment offers. construction and environmental solution, data and analytics, dispute, health solution, and risk and investigation services. Its Economic Consulting segment provides. antitrust and competition economic, financial economic, and international arbitration services. The company's Technology segment offers corporate legal operation; e-discovery and expertise; and information governance, privacy, and security services.

FCN (FTI Consulting, Inc.) trades in the Industrials sector, specifically Consulting Services, with a market capitalization of approximately $4.37B, a trailing P/E of 17.10, a beta of 0.00 versus the broader market, a 52-week range of 140.835-189.3, average daily share volume of 463K, a public-listing history dating back to 1996, approximately 8K full-time employees. These structural characteristics shape how FCN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.00 indicates FCN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a collar on FCN?

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 FCN snapshot

As of May 15, 2026, spot at $144.57, ATM IV 38.10%, IV rank 54.51%, expected move 10.92%. The collar on FCN 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 FCN specifically: IV regime affects collar pricing on both sides; mid-range FCN IV at 38.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.92% (roughly $15.79 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 FCN expiries trade a higher absolute premium for lower per-day decay. Position sizing on FCN should anchor to the underlying notional of $144.57 per share and to the trader's directional view on FCN stock.

FCN collar setup

The FCN 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 FCN near $144.57, the first option leg uses a $150.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FCN 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 FCN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$144.57	long
Sell 1	Call	$150.00	$4.05
Buy 1	Put	$135.00	$2.98

FCN collar risk and reward

Net Premium / Debit: -$14,349.50
Max Profit (per contract): $650.50
Max Loss (per contract): -$849.50
Breakeven(s): $143.50
Risk / Reward Ratio: 0.766

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.

FCN collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on FCN. 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%	-$849.50
$31.97	-77.9%	-$849.50
$63.94	-55.8%	-$849.50
$95.90	-33.7%	-$849.50
$127.87	-11.6%	-$849.50
$159.83	+10.6%	+$650.50
$191.79	+32.7%	+$650.50
$223.76	+54.8%	+$650.50
$255.72	+76.9%	+$650.50
$287.69	+99.0%	+$650.50

When traders use collar on FCN

Collars on FCN hedge an existing long FCN 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.

FCN thesis for this collar

The market-implied 1-standard-deviation range for FCN extends from approximately $128.78 on the downside to $160.36 on the upside. A FCN collar hedges an existing long FCN 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 FCN IV rank near 54.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on FCN should anchor more to the directional view and the expected-move geometry. As a Industrials name, FCN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FCN-specific events.

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

Frequently asked questions

What is a collar on FCN?: A collar on FCN is the collar strategy applied to FCN (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 FCN stock trading near $144.57, the strikes shown on this page are snapped to the nearest listed FCN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FCN 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 FCN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 38.10%), the computed maximum profit is $650.50 per contract and the computed maximum loss is -$849.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FCN collar?: The breakeven for the FCN collar priced on this page is roughly $143.50 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 FCN market-implied 1-standard-deviation expected move is approximately 10.92%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on FCN?: Collars on FCN hedge an existing long FCN 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 FCN implied volatility affect this collar?: FCN ATM IV is at 38.10% with IV rank near 54.51%, 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.