How are NTRA 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 NTRA collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 40.60%), the computed maximum profit is $2,075.00 per contract and the computed maximum loss is -$1,925.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NTRA collar?

The breakeven for the NTRA collar priced on this page is roughly $309.25 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 NTRA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current NTRA implied volatility affect this collar?

NTRA ATM IV is at 40.60% with IV rank near 9.55%, 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.

NTRA Collar Strategy

NTRA (Natera, Inc.), in the Healthcare sector, (Medical - Diagnostics & Research industry), listed on NASDAQ.

Natera, Inc. is a diagnostics company focused on developing and commercializing a wide array of molecular testing services globally. Its portfolio includes several key offerings: Panorama, a non-invasive prenatal test (NIPT) that screens for chromosomal abnormalities in a fetus using a blood sample from the mother, and also determines zygosity in twin pregnancies. Vistara, designed to identify single-gene disorders by screening for specific single-gene mutations. Horizon, a comprehensive carrier screening test to determine an individual's carrier status for various genetic diseases. Spectrum, utilized during in vitro fertilization (IVF) cycles to detect chromosomal anomalies or inherited genetic conditions. Anora, a miscarriage analysis product that examines fetal chromosomes to help understand the cause of pregnancy loss.

NTRA (Natera, Inc.) trades in the Healthcare sector, specifically Medical - Diagnostics & Research, with a market capitalization of approximately $45.25B, a beta of 1.51 versus the broader market, a 52-week range of 152.62-326.03, average daily share volume of 1.5M, a public-listing history dating back to 2015, approximately 6K full-time employees. These structural characteristics shape how NTRA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.51 indicates NTRA 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 NTRA?

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.

NTRA snapshot

As of August 14, 2026, spot at $310.15, ATM IV 40.60%, IV rank 9.55%, expected move 11.64%. The collar on NTRA 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 NTRA specifically: IV regime affects collar pricing on both sides; compressed NTRA IV at 40.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 11.64% (roughly $36.10 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 NTRA expiries trade a higher absolute premium for lower per-day decay. Position sizing on NTRA should anchor to the underlying notional of $310.15 per share and to the trader's directional view on NTRA stock.

NTRA collar setup

The NTRA 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 NTRA at $310.15 on that close, the first option leg uses a $330.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NTRA 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 NTRA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$310.15	long
Sell 1	Call	$330.00	$9.00
Buy 1	Put	$290.00	$8.10

NTRA collar risk and reward

Net Premium / Debit: -$30,925.00
Max Profit (per contract): $2,075.00
Max Loss (per contract): -$1,925.00
Breakeven(s): $309.25
Risk / Reward Ratio: 1.078

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.

NTRA collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on NTRA. 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%	-$1,925.00
$68.58	-77.9%	-$1,925.00
$137.16	-55.8%	-$1,925.00
$205.73	-33.7%	-$1,925.00
$274.31	-11.6%	-$1,925.00
$342.88	+10.6%	+$2,075.00
$411.46	+32.7%	+$2,075.00
$480.03	+54.8%	+$2,075.00
$548.61	+76.9%	+$2,075.00
$617.18	+99.0%	+$2,075.00

When traders use collar on NTRA

Collars on NTRA hedge an existing long NTRA 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.

NTRA thesis for this collar

The market-implied 1-standard-deviation range for NTRA extends from approximately $274.05 on the downside to $346.25 on the upside. A NTRA collar hedges an existing long NTRA 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 NTRA IV rank near 9.55% 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 NTRA at 40.60%. As a Healthcare name, NTRA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NTRA-specific events.

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

Frequently asked questions

What is a collar on NTRA?: A collar on NTRA is the collar strategy applied to NTRA (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 NTRA stock at $310.15 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed NTRA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are NTRA 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 NTRA collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 40.60%), the computed maximum profit is $2,075.00 per contract and the computed maximum loss is -$1,925.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NTRA collar?: The breakeven for the NTRA collar priced on this page is roughly $309.25 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 NTRA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 11.64%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on NTRA?: Collars on NTRA hedge an existing long NTRA 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 NTRA implied volatility affect this collar?: NTRA ATM IV is at 40.60% with IV rank near 9.55%, 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.