How are ICLR 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 ICLR collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.20%), the computed maximum profit is $768.00 per contract and the computed maximum loss is -$732.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a ICLR collar?

The breakeven for the ICLR collar priced on this page is roughly $162.32 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ICLR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current ICLR implied volatility affect this collar?

ICLR ATM IV is at 37.20% with IV rank near 6.01%, 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.

ICLR Collar Strategy

ICLR (ICON Public Limited Company), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. It also provides clinical development services, including all phases of development, peri and post approval, data solutions, and site and patient access services; clinical trial management, consulting, and contract staffing services; and commercial services comprising clinical development strategy, planning and trial design, full study execution, and post-market commercialization. In addition, the company offers laboratory services, including bionanalytical, biomarker, vaccine, good manufacturing practice, and central laboratory services, as well as full-service and functional service partnerships to customers. Further, the company provides adaptive trials, cardiac safety solutions, clinical and scientific operations, consulting and advisory, commercial positioning, decentralized and hybrid clinical trials, early clinical, laboratories, language services, medical imaging, real world intelligence, site and patient, and strategic solutions. It serves pharmaceutical, biotechnology, and medical device industries, as well as government and public health organizations.

ICLR (ICON Public Limited Company) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $12.80B, a trailing P/E of 39.06, a beta of 1.20 versus the broader market, a 52-week range of 66.57-203.91, average daily share volume of 1.1M, a public-listing history dating back to 1998, approximately 40K full-time employees. These structural characteristics shape how ICLR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.20 places ICLR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 39.06 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.

What is a collar on ICLR?

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.

ICLR snapshot

As of August 14, 2026, spot at $162.92, ATM IV 37.20%, IV rank 6.01%, expected move 10.66%. The collar on ICLR below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this collar structure on ICLR specifically: IV regime affects collar pricing on both sides; compressed ICLR IV at 37.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.66% (roughly $17.38 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICLR should anchor to the underlying notional of $162.92 per share and to the trader's directional view on ICLR stock.

ICLR collar setup

The ICLR collar below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ICLR at $162.92 on that close, the first option leg uses a $170.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICLR chain at a 35-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 ICLR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$162.92	long
Sell 1	Call	$170.00	$5.20
Buy 1	Put	$155.00	$4.60

ICLR collar risk and reward

Net Premium / Debit: -$16,232.00
Max Profit (per contract): $768.00
Max Loss (per contract): -$732.00
Breakeven(s): $162.32
Risk / Reward Ratio: 1.049

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.

ICLR collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on ICLR. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$732.00
$36.03	-77.9%	-$732.00
$72.05	-55.8%	-$732.00
$108.07	-33.7%	-$732.00
$144.10	-11.6%	-$732.00
$180.12	+10.6%	+$768.00
$216.14	+32.7%	+$768.00
$252.16	+54.8%	+$768.00
$288.18	+76.9%	+$768.00
$324.20	+99.0%	+$768.00

When traders use collar on ICLR

Collars on ICLR hedge an existing long ICLR 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.

ICLR thesis for this collar

The market-implied 1-standard-deviation range for ICLR extends from approximately $145.54 on the downside to $180.30 on the upside. A ICLR collar hedges an existing long ICLR 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 ICLR IV rank near 6.01% 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 ICLR at 37.20%. As a Healthcare name, ICLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICLR-specific events.

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

Frequently asked questions

What is a collar on ICLR?: A collar on ICLR is the collar strategy applied to ICLR (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 ICLR stock at $162.92 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ICLR chain strike and the premiums come straight from that session's bid/ask midpoint.
How are ICLR 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 ICLR collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 37.20%), the computed maximum profit is $768.00 per contract and the computed maximum loss is -$732.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a ICLR collar?: The breakeven for the ICLR collar priced on this page is roughly $162.32 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The ICLR market-implied 1-standard-deviation expected move in the same options snapshot is approximately 10.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on ICLR?: Collars on ICLR hedge an existing long ICLR 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 ICLR implied volatility affect this collar?: ICLR ATM IV is at 37.20% with IV rank near 6.01%, 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.