OPBK Collar Strategy
OPBK (OP Bancorp), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
OP Bancorp operates as the bank holding company for Open Bank that provides banking products and services. It offers demand, savings, money market, and time deposit accounts, as well as certificates of deposit. It also provides commercial real estate, small business administration, home mortgage, and consumer loans. It operates full branch offices in Los Angeles and Orange Counties in California, as well as Santa Clara, California; Carrollton, Texas; Las Vegas, Nevada Pleasanton, California; Atlanta, Georgia; Aurora, Colorado; Lynnwood, Washington; and Fairfax, Virginia. The company was founded in 2005 and is headquartered in Los Angeles, California.
OPBK (OP Bancorp) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $234.4M, a trailing P/E of 8.10, a beta of 0.59 versus the broader market, a 52-week range of 12.41-16.83, average daily share volume of 44K, a public-listing history dating back to 2005, approximately 249 full-time employees. These structural characteristics shape how OPBK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.59 indicates OPBK has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 8.10 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. OPBK pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on OPBK?
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.
OPBK snapshot
As of August 14, 2026, spot at $15.63, ATM IV 204.90%, IV rank 42.86%, expected move 58.74%. The collar on OPBK below is built from the 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 OPBK specifically: IV regime affects collar pricing on both sides; mid-range OPBK IV at 204.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 58.74% (roughly $9.18 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 OPBK expiries trade a higher absolute premium for lower per-day decay. Position sizing on OPBK should anchor to the underlying notional of $15.63 per share and to the trader's directional view on OPBK stock.
OPBK collar setup
The OPBK 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 OPBK at $15.63 on that close, the first option leg uses a $16.41 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OPBK 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 OPBK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $15.63 | long |
| Sell 1 | Call | $16.41 | N/A |
| Buy 1 | Put | $14.85 | N/A |
OPBK 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.
OPBK collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on OPBK. 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 OPBK
Collars on OPBK hedge an existing long OPBK 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.
OPBK thesis for this collar
The market-implied 1-standard-deviation range for OPBK extends from approximately $6.45 on the downside to $24.81 on the upside. A OPBK collar hedges an existing long OPBK 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 OPBK IV rank near 42.86% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on OPBK should anchor more to the directional view and the expected-move geometry. As a Financial Services name, OPBK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OPBK-specific events.
OPBK 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. OPBK positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OPBK alongside the broader basket even when OPBK-specific fundamentals are unchanged. Always rebuild the position from current OPBK chain quotes before placing a trade.
Frequently asked questions
- What is a collar on OPBK?
- A collar on OPBK is the collar strategy applied to OPBK (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 OPBK stock at $15.63 on the most recent close, the strikes shown on this page are snapped to the nearest listed OPBK chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are OPBK 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 OPBK collar priced from the end-of-day chain at a 30-day expiry (ATM IV 204.90%), 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 OPBK collar?
- The breakeven for the OPBK collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from the 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 OPBK market-implied 1-standard-deviation expected move in the same options snapshot is approximately 58.74%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on OPBK?
- Collars on OPBK hedge an existing long OPBK 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 OPBK implied volatility affect this collar?
- OPBK ATM IV is at 204.90% with IV rank near 42.86%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.