MIAX Collar Strategy
MIAX (Miami International Holdings, Inc. ), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.
Miami International Holdings, Inc. (MIAX) is a financial services corporation that operates diverse marketplaces through its various subsidiaries, facilitating trading across options, futures, and cash equities. Its extensive options suite encompasses MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire. For U.S. equities, it provides MIAX Pearl Equities. The company's offerings extend to U.S. futures and their corresponding options traded on MIAX Futures, a platform that also facilitates transactions in hard red spring wheat products. Furthermore, MIAX supports international listings via BSX and TISE. Beyond market operation, MIAX also delivers essential post-trade services.
MIAX (Miami International Holdings, Inc. ) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $3.60B, a trailing P/E of 28.62, a beta of 1.62 versus the broader market, a 52-week range of 28.63-57.14, average daily share volume of 1.8M, a public-listing history dating back to 2025, approximately 433 full-time employees. These structural characteristics shape how MIAX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.62 indicates MIAX 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 MIAX?
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 MIAX snapshot
As of June 30, 2026, spot at $36.90, ATM IV 59.10%, IV rank 7.34%, expected move 16.94%. The collar on MIAX 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 17-day expiry.
Why this collar structure on MIAX specifically: IV regime affects collar pricing on both sides; compressed MIAX IV at 59.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 16.94% (roughly $6.25 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MIAX expiries trade a higher absolute premium for lower per-day decay. Position sizing on MIAX should anchor to the underlying notional of $36.90 per share and to the trader's directional view on MIAX stock.
MIAX collar setup
The MIAX 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 MIAX near $36.90, the first option leg uses a $38.75 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MIAX chain at a 17-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 MIAX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $36.90 | long |
| Sell 1 | Call | $38.75 | N/A |
| Buy 1 | Put | $35.06 | N/A |
MIAX 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.
MIAX collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on MIAX. 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 MIAX
Collars on MIAX hedge an existing long MIAX 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.
MIAX thesis for this collar
The market-implied 1-standard-deviation range for MIAX extends from approximately $30.65 on the downside to $43.15 on the upside. A MIAX collar hedges an existing long MIAX 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 MIAX IV rank near 7.34% 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 MIAX at 59.10%. As a Financial Services name, MIAX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MIAX-specific events.
MIAX 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. MIAX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MIAX alongside the broader basket even when MIAX-specific fundamentals are unchanged. Always rebuild the position from current MIAX chain quotes before placing a trade.
Frequently asked questions
- What is a collar on MIAX?
- A collar on MIAX is the collar strategy applied to MIAX (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 MIAX stock trading near $36.90, the strikes shown on this page are snapped to the nearest listed MIAX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MIAX 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 MIAX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 59.10%), 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 MIAX collar?
- The breakeven for the MIAX 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 MIAX market-implied 1-standard-deviation expected move is approximately 16.94%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on MIAX?
- Collars on MIAX hedge an existing long MIAX 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 MIAX implied volatility affect this collar?
- MIAX ATM IV is at 59.10% with IV rank near 7.34%, 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.