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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.00%), the computed maximum profit is $66.50 per contract and the computed maximum loss is -$33.50 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 $9.34 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 OCUL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.56%; 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 131.00% with IV rank near 20.30%, 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. is a biopharmaceutical company specializing in the creation, advancement, and commercialization of ophthalmic treatments. Their innovative approach leverages a proprietary bioresorbable hydrogel technology to address a range of eye diseases and conditions. The company currently offers two key products: ReSure Sealant, an ophthalmic device designed to prevent fluid leakage from corneal incisions after cataract surgery, and DEXTENZA, a dexamethasone-based ophthalmic insert used to manage post-surgical inflammation and pain in the eye, as well as to treat allergic conjunctivitis. In addition to their commercial offerings, Ocular Therapeutix is actively developing several product candidates in various clinical stages, including: OTX-TKI, an axitinib intravitreal implant in Phase 1 clinical trials for wet age-related macular degeneration (AMD) and other retinal diseases. OTX-TIC, a travoprost intracameral implant, currently in Phase 2 studies for open-angle glaucoma and ocular hypertension. OTX-CSI, a cyclosporine intracanalicular insert that has successfully completed Phase 2 clinical trials for dry eye disease.

OCUL (Ocular Therapeutix, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $2.24B, a beta of 0.94 versus the broader market, a 52-week range of 6.23-16.44, average daily share volume of 2.8M, a public-listing history dating back to 2014, approximately 325 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 0.94 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.

OCUL snapshot

As of August 14, 2026, spot at $9.91, ATM IV 131.00%, IV rank 20.30%, expected move 37.56%. The collar on OCUL 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 OCUL specifically: IV regime affects collar pricing on both sides; compressed OCUL IV at 131.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 37.56% (roughly $3.72 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 OCUL expiries trade a higher absolute premium for lower per-day decay. Position sizing on OCUL should anchor to the underlying notional of $9.91 per share and to the trader's directional view on OCUL stock.

OCUL collar setup

The OCUL 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 OCUL at $9.91 on that close, the first option leg uses a $10.00 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 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 OCUL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$9.91	long
Sell 1	Call	$10.00	$1.63
Buy 1	Put	$9.00	$1.05

OCUL collar risk and reward

Net Premium / Debit: -$933.50
Max Profit (per contract): $66.50
Max Loss (per contract): -$33.50
Breakeven(s): $9.34
Risk / Reward Ratio: 1.985

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.

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	-99.9%	-$33.50
$2.20	-77.8%	-$33.50
$4.39	-55.7%	-$33.50
$6.58	-33.6%	-$33.50
$8.77	-11.5%	-$33.50
$10.96	+10.6%	+$66.50
$13.15	+32.7%	+$66.50
$15.34	+54.8%	+$66.50
$17.53	+76.9%	+$66.50
$19.72	+99.0%	+$66.50

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 $6.19 on the downside to $13.63 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 20.30% 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 131.00%. 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 at $9.91 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed OCUL chain strike and the premiums come straight from that session's 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 August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 131.00%), the computed maximum profit is $66.50 per contract and the computed maximum loss is -$33.50 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 $9.34 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 OCUL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 37.56%; 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 131.00% with IV rank near 20.30%, 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.