FLL Collar Strategy
FLL (Full House Resorts, Inc.), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NASDAQ.
Full House Resorts, Inc. owns, develops, invests in, operates, manages, and leases casinos, and related hospitality and entertainment facilities in the United States. The company owns and operates the Silver Slipper Casino and Hotel in Hancock County, Mississippi, which has 757 slot machines and 24 table games, a surface parking lot, and a 129 hotel rooms; an on-site sportsbook, a fine-dining restaurant, a buffet, and a quick-service restaurant, as well as an oyster bar, a casino bar, and a beachfront bar; and 37-space beachfront RV park. It also owns and operates the Bronco Billy's Casino and Hotel in Cripple Creek, Colorado that has gaming space and 14 hotel rooms, as well as a steakhouse and a casual dining outlet. In addition, the company owns and operates the Rising Star Casino Resort in Rising Sun, Indiana, which has 642 slot machines and 16 table games; a land-based pavilion with approximately 31,500 square feet of meeting and convention space; a contiguous 190-guest-room hotel and an adjacent leased 104-guest-room hotel; a 56-space RV park; surface parking; an 18-hole golf course on approximately 230 acres; and four dining outlets. Further, it owns and operates the Stockman's Casino that is located in Fallon, Nevada, which has 186 slot machines, a bar, a fine-dining restaurant, and a coffee shop; and the Grand Lodge Casino that has 269 slot machines and 9 table games, which is integrated into the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada. Full House Resorts, Inc. was incorporated in 1987 and is headquartered in Las Vegas, Nevada.
FLL (Full House Resorts, Inc.) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $106.3M, a beta of 1.21 versus the broader market, a 52-week range of 2.02-4.95, average daily share volume of 137K, a public-listing history dating back to 1993, approximately 2K full-time employees. These structural characteristics shape how FLL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.21 places FLL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on FLL?
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 FLL snapshot
As of May 15, 2026, spot at $2.75, ATM IV 79.30%, IV rank 16.73%, expected move 22.73%. The collar on FLL 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 FLL specifically: IV regime affects collar pricing on both sides; compressed FLL IV at 79.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 22.73% (roughly $0.63 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 FLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on FLL should anchor to the underlying notional of $2.75 per share and to the trader's directional view on FLL stock.
FLL collar setup
The FLL 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 FLL near $2.75, the first option leg uses a $2.89 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FLL 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 FLL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $2.75 | long |
| Sell 1 | Call | $2.89 | N/A |
| Buy 1 | Put | $2.61 | N/A |
FLL 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.
FLL collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on FLL. 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 FLL
Collars on FLL hedge an existing long FLL 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.
FLL thesis for this collar
The market-implied 1-standard-deviation range for FLL extends from approximately $2.12 on the downside to $3.38 on the upside. A FLL collar hedges an existing long FLL 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 FLL IV rank near 16.73% 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 FLL at 79.30%. As a Consumer Cyclical name, FLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FLL-specific events.
FLL 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. FLL positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FLL alongside the broader basket even when FLL-specific fundamentals are unchanged. Always rebuild the position from current FLL chain quotes before placing a trade.
Frequently asked questions
- What is a collar on FLL?
- A collar on FLL is the collar strategy applied to FLL (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 FLL stock trading near $2.75, the strikes shown on this page are snapped to the nearest listed FLL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FLL 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 FLL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 79.30%), 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 FLL collar?
- The breakeven for the FLL 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 FLL market-implied 1-standard-deviation expected move is approximately 22.73%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on FLL?
- Collars on FLL hedge an existing long FLL 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 FLL implied volatility affect this collar?
- FLL ATM IV is at 79.30% with IV rank near 16.73%, 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.