MANH Collar Strategy
MANH (Manhattan Associates, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Manhattan SCALE, a portfolio of logistics execution solutions that provide trading partner management, yard management, optimization, warehouse management, and transportation execution services; and Manhattan Active, a set of enterprise and store omni-channel solutions. The company also provides inventory optimization, planning, and allocation solutions; maintenance services comprising customer support services and software enhancements; professional services, such as solutions planning and implementation, and related consulting services; and training and change management services. In addition, it resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. The company offers products through direct sales personnel, as well as through partnership agreements with various organizations. It serves grocery, food and beverage, manufacturing, medical and pharmaceutical, retail, third-party logistics, and wholesale industries.
MANH (Manhattan Associates, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $7.43B, a trailing P/E of 34.59, a beta of 0.95 versus the broader market, a 52-week range of 119.06-247.22, average daily share volume of 719K, a public-listing history dating back to 1998, approximately 5K full-time employees. These structural characteristics shape how MANH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.95 places MANH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on MANH?
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 MANH snapshot
As of May 15, 2026, spot at $131.06, ATM IV 53.00%, IV rank 61.45%, expected move 15.19%. The collar on MANH 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 MANH specifically: IV regime affects collar pricing on both sides; mid-range MANH IV at 53.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.19% (roughly $19.91 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 MANH expiries trade a higher absolute premium for lower per-day decay. Position sizing on MANH should anchor to the underlying notional of $131.06 per share and to the trader's directional view on MANH stock.
MANH collar setup
The MANH 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 MANH near $131.06, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MANH 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 MANH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $131.06 | long |
| Sell 1 | Call | $140.00 | $4.85 |
| Buy 1 | Put | $125.00 | $5.75 |
MANH collar risk and reward
- Net Premium / Debit
- -$13,196.00
- Max Profit (per contract)
- $804.00
- Max Loss (per contract)
- -$696.00
- Breakeven(s)
- $131.96
- Risk / Reward Ratio
- 1.155
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.
MANH collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on MANH. 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% | -$696.00 |
| $28.99 | -77.9% | -$696.00 |
| $57.96 | -55.8% | -$696.00 |
| $86.94 | -33.7% | -$696.00 |
| $115.92 | -11.6% | -$696.00 |
| $144.89 | +10.6% | +$804.00 |
| $173.87 | +32.7% | +$804.00 |
| $202.85 | +54.8% | +$804.00 |
| $231.83 | +76.9% | +$804.00 |
| $260.80 | +99.0% | +$804.00 |
When traders use collar on MANH
Collars on MANH hedge an existing long MANH 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.
MANH thesis for this collar
The market-implied 1-standard-deviation range for MANH extends from approximately $111.15 on the downside to $150.97 on the upside. A MANH collar hedges an existing long MANH 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 MANH IV rank near 61.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on MANH should anchor more to the directional view and the expected-move geometry. As a Technology name, MANH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MANH-specific events.
MANH 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. MANH positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MANH alongside the broader basket even when MANH-specific fundamentals are unchanged. Always rebuild the position from current MANH chain quotes before placing a trade.
Frequently asked questions
- What is a collar on MANH?
- A collar on MANH is the collar strategy applied to MANH (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 MANH stock trading near $131.06, the strikes shown on this page are snapped to the nearest listed MANH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MANH 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 MANH collar priced from the end-of-day chain at a 30-day expiry (ATM IV 53.00%), the computed maximum profit is $804.00 per contract and the computed maximum loss is -$696.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MANH collar?
- The breakeven for the MANH collar priced on this page is roughly $131.96 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 MANH market-implied 1-standard-deviation expected move is approximately 15.19%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on MANH?
- Collars on MANH hedge an existing long MANH 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 MANH implied volatility affect this collar?
- MANH ATM IV is at 53.00% with IV rank near 61.45%, 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.