How are FIG 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 FIG collar priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $144.00 per contract and the computed maximum loss is -$106.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIG collar?

The breakeven for the FIG collar priced on this page is roughly $22.56 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current FIG implied volatility affect this collar?

FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.

FIG Collar Strategy

FIG (Figma, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Figma, Inc. develops a browser-based tool for designing user interfaces that helps design and development teams build various products. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align on decisions, and move work forwardall in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz that publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; and Figma Make, an AI tool to design and prompt way to a functional prototype. The company was incorporated in 2012 and is headquartered in San Francisco, California.

FIG (Figma, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.23B, a beta of -0.19 versus the broader market, a 52-week range of 16.6-142.92, average daily share volume of 16.7M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how FIG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.19 indicates FIG 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 FIG?

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 FIG snapshot

As of May 15, 2026, spot at $22.81, ATM IV 85.22%, IV rank 52.37%, expected move 24.43%. The collar on FIG 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 FIG specifically: IV regime affects collar pricing on both sides; mid-range FIG IV at 85.22% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 24.43% (roughly $5.57 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 FIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIG should anchor to the underlying notional of $22.81 per share and to the trader's directional view on FIG stock.

FIG collar setup

The FIG 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 FIG near $22.81, the first option leg uses a $24.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIG 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 FIG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$22.81	long
Sell 1	Call	$24.00	$1.69
Buy 1	Put	$21.50	$1.44

FIG collar risk and reward

Net Premium / Debit: -$2,256.00
Max Profit (per contract): $144.00
Max Loss (per contract): -$106.00
Breakeven(s): $22.56
Risk / Reward Ratio: 1.358

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.

FIG collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on FIG. 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%	-$106.00
$5.05	-77.9%	-$106.00
$10.09	-55.7%	-$106.00
$15.14	-33.6%	-$106.00
$20.18	-11.5%	-$106.00
$25.22	+10.6%	+$144.00
$30.26	+32.7%	+$144.00
$35.31	+54.8%	+$144.00
$40.35	+76.9%	+$144.00
$45.39	+99.0%	+$144.00

When traders use collar on FIG

Collars on FIG hedge an existing long FIG 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.

FIG thesis for this collar

The market-implied 1-standard-deviation range for FIG extends from approximately $17.24 on the downside to $28.38 on the upside. A FIG collar hedges an existing long FIG 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 FIG IV rank near 52.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on FIG should anchor more to the directional view and the expected-move geometry. As a Technology name, FIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIG-specific events.

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

Frequently asked questions

What is a collar on FIG?: A collar on FIG is the collar strategy applied to FIG (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 FIG stock trading near $22.81, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FIG 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 FIG collar priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $144.00 per contract and the computed maximum loss is -$106.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIG collar?: The breakeven for the FIG collar priced on this page is roughly $22.56 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on FIG?: Collars on FIG hedge an existing long FIG 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 FIG implied volatility affect this collar?: FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.