How are OCUL 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 OCUL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 88.13%), the computed maximum profit is $46.50 per contract and the computed maximum loss is -$53.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a OCUL collar?

The breakeven for the OCUL collar priced on this page is roughly $9.04 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 OCUL market-implied 1-standard-deviation expected move is approximately 25.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current OCUL implied volatility affect this collar?

OCUL ATM IV is at 88.13% with IV rank near 14.71%, 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.

OCUL Collar Strategy

OCUL (Ocular Therapeutix, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Ocular Therapeutix, Inc., a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology. The company markets ReSure Sealant, an ophthalmic device to prevent wound leaks in corneal incisions following cataract surgery; and DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis. It is also developing OTX-TKI, an axitinib intravitreal implant that is in phase 1 clinical trials for the treatment of wet age-related macular degeneration and other retinal diseases; OTX-TIC, a travoprost intracameral implant, which is in phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension; OTX-CSI, a cyclosporine intracanalicular insert that has completed phase 2 clinical trials for the treatment of dry eye disease; and OTX-DED, a dexamethasone intracanalicular insert, which is in phase 2 clinical trials for the short-term treatment of the signs and symptoms of dry eye disease. The company has a strategic collaboration with Regeneron Pharmaceuticals, Inc. (Regeneron) for the development and commercialization of products using the Company's sustained-release hydrogel in combination with Regeneron's large molecule VEGF-targeting compounds for the treatment of retinal diseases; and AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC, as well as a discovery collaboration with Mosaic Biosciences to identify new targets and therapeutic agents for the treatment of dry age-related macular degeneration (dMAD). Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.

OCUL (Ocular Therapeutix, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.02B, a beta of 0.93 versus the broader market, a 52-week range of 6.23-16.44, average daily share volume of 5.4M, a public-listing history dating back to 2014, approximately 274 full-time employees. These structural characteristics shape how OCUL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.93 places OCUL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a collar on OCUL?

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 OCUL snapshot

As of May 15, 2026, spot at $9.16, ATM IV 88.13%, IV rank 14.71%, expected move 25.27%. The collar on OCUL 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 28-day expiry.

Why this collar structure on OCUL specifically: IV regime affects collar pricing on both sides; compressed OCUL IV at 88.13% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 25.27% (roughly $2.31 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OCUL expiries trade a higher absolute premium for lower per-day decay. Position sizing on OCUL should anchor to the underlying notional of $9.16 per share and to the trader's directional view on OCUL stock.

OCUL collar setup

The OCUL 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 OCUL near $9.16, the first option leg uses a $9.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OCUL chain at a 28-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 OCUL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$9.16	long
Sell 1	Call	$9.50	$0.65
Buy 1	Put	$8.50	$0.53

OCUL collar risk and reward

Net Premium / Debit: -$903.50
Max Profit (per contract): $46.50
Max Loss (per contract): -$53.50
Breakeven(s): $9.04
Risk / Reward Ratio: 0.869

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.

OCUL collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on OCUL. 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	-99.9%	-$53.50
$2.03	-77.8%	-$53.50
$4.06	-55.7%	-$53.50
$6.08	-33.6%	-$53.50
$8.11	-11.5%	-$53.50
$10.13	+10.6%	+$46.50
$12.16	+32.7%	+$46.50
$14.18	+54.8%	+$46.50
$16.20	+76.9%	+$46.50
$18.23	+99.0%	+$46.50

When traders use collar on OCUL

Collars on OCUL hedge an existing long OCUL 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.

OCUL thesis for this collar

The market-implied 1-standard-deviation range for OCUL extends from approximately $6.85 on the downside to $11.47 on the upside. A OCUL collar hedges an existing long OCUL 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 OCUL IV rank near 14.71% 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 OCUL at 88.13%. As a Healthcare name, OCUL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OCUL-specific events.

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

Frequently asked questions

What is a collar on OCUL?: A collar on OCUL is the collar strategy applied to OCUL (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 OCUL stock trading near $9.16, the strikes shown on this page are snapped to the nearest listed OCUL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are OCUL 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 OCUL collar priced from the end-of-day chain at a 30-day expiry (ATM IV 88.13%), the computed maximum profit is $46.50 per contract and the computed maximum loss is -$53.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OCUL collar?: The breakeven for the OCUL collar priced on this page is roughly $9.04 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 OCUL market-implied 1-standard-deviation expected move is approximately 25.27%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on OCUL?: Collars on OCUL hedge an existing long OCUL 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 OCUL implied volatility affect this collar?: OCUL ATM IV is at 88.13% with IV rank near 14.71%, 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.