How are NBIS 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 NBIS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 113.95%), the computed maximum profit is $1,595.50 per contract and the computed maximum loss is -$1,154.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NBIS collar?

The breakeven for the NBIS collar priced on this page is roughly $276.55 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 NBIS market-implied 1-standard-deviation expected move is approximately 32.67%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NBIS implied volatility affect this collar?

NBIS ATM IV is at 113.95% with IV rank near 91.58%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

NBIS Collar Strategy

NBIS (Nebius Group N.V.), in the Communication Services sector, (Internet Content & Information industry), listed on NASDAQ.

Nebius Group N.V. is a technology company dedicated to developing comprehensive infrastructure to serve the global artificial intelligence industry. Its operations encompass several key areas. Central to its mission is Nebius, an AI-focused cloud platform engineered to handle demanding AI workloads. This division constructs end-to-end AI infrastructure, featuring extensive GPU computing clusters, robust cloud platforms, and essential tools and services for developers. The group also includes Toloka AI, which functions as a data solutions provider, assisting with various phases of generative AI development. TripleTen operates as an educational technology venture, focused on equipping individuals with new skills for careers in the tech sector.

NBIS (Nebius Group N.V.) trades in the Communication Services sector, specifically Internet Content & Information, with a market capitalization of approximately $57.67B, a trailing P/E of 74.21, a beta of 1.43 versus the broader market, a 52-week range of 43.89-299.86, average daily share volume of 17.5M, a public-listing history dating back to 2024, approximately 1K full-time employees. These structural characteristics shape how NBIS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.43 indicates NBIS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 74.21 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 NBIS?

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 NBIS snapshot

As of June 30, 2026, spot at $278.32, ATM IV 113.95%, IV rank 91.58%, expected move 32.67%. The collar on NBIS 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 31-day expiry.

Why this collar structure on NBIS specifically: IV regime affects collar pricing on both sides; elevated NBIS IV at 113.95% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 32.67% (roughly $90.93 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NBIS expiries trade a higher absolute premium for lower per-day decay. Position sizing on NBIS should anchor to the underlying notional of $278.32 per share and to the trader's directional view on NBIS stock.

NBIS collar setup

The NBIS 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 NBIS near $278.32, the first option leg uses a $292.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NBIS chain at a 31-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 NBIS shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$278.32	long
Sell 1	Call	$292.50	$31.03
Buy 1	Put	$265.00	$29.25

NBIS collar risk and reward

Net Premium / Debit: -$27,654.50
Max Profit (per contract): $1,595.50
Max Loss (per contract): -$1,154.50
Breakeven(s): $276.55
Risk / Reward Ratio: 1.382

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.

NBIS collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on NBIS. 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%	-$1,154.50
$61.55	-77.9%	-$1,154.50
$123.08	-55.8%	-$1,154.50
$184.62	-33.7%	-$1,154.50
$246.16	-11.6%	-$1,154.50
$307.69	+10.6%	+$1,595.50
$369.23	+32.7%	+$1,595.50
$430.77	+54.8%	+$1,595.50
$492.31	+76.9%	+$1,595.50
$553.84	+99.0%	+$1,595.50

When traders use collar on NBIS

Collars on NBIS hedge an existing long NBIS 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.

NBIS thesis for this collar

The market-implied 1-standard-deviation range for NBIS extends from approximately $187.39 on the downside to $369.25 on the upside. A NBIS collar hedges an existing long NBIS 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 NBIS IV rank near 91.58% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NBIS at 113.95%. As a Communication Services name, NBIS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NBIS-specific events.

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

Frequently asked questions

What is a collar on NBIS?: A collar on NBIS is the collar strategy applied to NBIS (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 NBIS stock trading near $278.32, the strikes shown on this page are snapped to the nearest listed NBIS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NBIS 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 NBIS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 113.95%), the computed maximum profit is $1,595.50 per contract and the computed maximum loss is -$1,154.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NBIS collar?: The breakeven for the NBIS collar priced on this page is roughly $276.55 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 NBIS market-implied 1-standard-deviation expected move is approximately 32.67%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on NBIS?: Collars on NBIS hedge an existing long NBIS 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 NBIS implied volatility affect this collar?: NBIS ATM IV is at 113.95% with IV rank near 91.58%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.