HZO Collar Strategy
HZO (MarineMax, Inc.), in the Consumer Cyclical sector, (Specialty Retail industry), listed on NYSE.
MarineMax, Inc. operates as a recreational boat and yacht retailer and superyacht services company in the United States. It operates through two segments, Retail Operations and Product Manufacturing. The company sells new and used recreational boats, including pleasure and fishing boats, mega-yachts, yachts, sport cruisers, motor yachts, pontoon boats, ski boats, jet boats, and other recreational boats. It also offers marine parts and accessories comprising marine electronics; dock and anchoring products that include boat fenders, lines, and anchors; boat covers; trailer parts; water sport accessories, which comprise tubes, lines, wakeboards, and skis; engine parts; oils; lubricants; steering and control systems; corrosion control products and service products; high-performance accessories, including propellers and instruments; and a line of boating accessories, such as life jackets, inflatables, and water sports equipment. In addition, the company provides novelty items, such as shirts, caps, and license plates; marine engines and equipment; maintenance, repair, and slip and storage accommodation services; and boat or yacht brokerage services, as well as charters yachts and power catamarans. Further, it offers new or used boat finance services; arranges insurance coverage, including boat property, disability, undercoating, gel sealant, fabric protection, and casualty insurance coverage; and manufactures and sells sport yachts and yachts.
HZO (MarineMax, Inc.) trades in the Consumer Cyclical sector, specifically Specialty Retail, with a market capitalization of approximately $734.6M, a beta of 1.55 versus the broader market, a 52-week range of 20.52-34.43, average daily share volume of 400K, a public-listing history dating back to 1998, approximately 4K full-time employees. These structural characteristics shape how HZO stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.55 indicates HZO 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 HZO?
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 HZO snapshot
As of May 15, 2026, spot at $33.33, ATM IV 41.30%, IV rank 5.15%, expected move 11.84%. The collar on HZO 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 HZO specifically: IV regime affects collar pricing on both sides; compressed HZO IV at 41.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 11.84% (roughly $3.95 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 HZO expiries trade a higher absolute premium for lower per-day decay. Position sizing on HZO should anchor to the underlying notional of $33.33 per share and to the trader's directional view on HZO stock.
HZO collar setup
The HZO 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 HZO near $33.33, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HZO 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 HZO shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $33.33 | long |
| Sell 1 | Call | $35.00 | N/A |
| Buy 1 | Put | $31.66 | N/A |
HZO 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.
HZO collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on HZO. 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 HZO
Collars on HZO hedge an existing long HZO 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.
HZO thesis for this collar
The market-implied 1-standard-deviation range for HZO extends from approximately $29.38 on the downside to $37.28 on the upside. A HZO collar hedges an existing long HZO 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 HZO IV rank near 5.15% 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 HZO at 41.30%. As a Consumer Cyclical name, HZO options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HZO-specific events.
HZO 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. HZO positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HZO alongside the broader basket even when HZO-specific fundamentals are unchanged. Always rebuild the position from current HZO chain quotes before placing a trade.
Frequently asked questions
- What is a collar on HZO?
- A collar on HZO is the collar strategy applied to HZO (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 HZO stock trading near $33.33, the strikes shown on this page are snapped to the nearest listed HZO chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HZO 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 HZO collar priced from the end-of-day chain at a 30-day expiry (ATM IV 41.30%), 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 HZO collar?
- The breakeven for the HZO 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 HZO market-implied 1-standard-deviation expected move is approximately 11.84%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on HZO?
- Collars on HZO hedge an existing long HZO 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 HZO implied volatility affect this collar?
- HZO ATM IV is at 41.30% with IV rank near 5.15%, 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.