How are PHIN 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 PHIN collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $247.50 per contract and the computed maximum loss is -$502.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PHIN collar?

The breakeven for the PHIN collar priced on this page is roughly $75.03 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 PHIN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PHIN implied volatility affect this collar?

PHIN ATM IV is at 32.60% with IV rank near 4.21%, 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.

PHIN Collar Strategy

PHIN (PHINIA Inc.), in the Consumer Cyclical sector, (Auto - Parts industry), listed on NYSE.

PHINIA Inc. specializes in the engineering and production of fuel injection components and systems for both gasoline and diesel engines. Beyond its core manufacturing, the company extends its reach by supplying a variety of new and reconditioned parts and services to both independent aftermarket clients and authorized original equipment service providers. Its extensive product catalog encompasses solutions across crucial automotive domains, including precise fuel delivery systems, advanced electronics and engine management, starting and charging components, as well as maintenance tools, diagnostic equipment, and vehicle testing apparatus. Established in 2023, PHINIA Inc. is headquartered in Auburn Hills, Michigan.

PHIN (PHINIA Inc.) trades in the Consumer Cyclical sector, specifically Auto - Parts, with a market capitalization of approximately $2.71B, a trailing P/E of 20.84, a beta of 1.11 versus the broader market, a 52-week range of 50.795-86.935, average daily share volume of 371K, a public-listing history dating back to 2023, approximately 13K full-time employees. These structural characteristics shape how PHIN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.11 places PHIN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. PHIN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on PHIN?

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.

PHIN snapshot

As of August 14, 2026, spot at $74.65, ATM IV 32.60%, IV rank 4.21%, expected move 9.35%. The collar on PHIN 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 7-day expiry.

Why this collar structure on PHIN specifically: IV regime affects collar pricing on both sides; compressed PHIN IV at 32.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.35% (roughly $6.98 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PHIN expiries trade a higher absolute premium for lower per-day decay. Position sizing on PHIN should anchor to the underlying notional of $74.65 per share and to the trader's directional view on PHIN stock.

PHIN collar setup

The PHIN 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 PHIN at $74.65 on that close, the first option leg uses a $77.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PHIN chain at a 7-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 PHIN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$74.65	long
Sell 1	Call	$77.50	$0.90
Buy 1	Put	$70.00	$1.28

PHIN collar risk and reward

Net Premium / Debit: -$7,502.50
Max Profit (per contract): $247.50
Max Loss (per contract): -$502.50
Breakeven(s): $75.03
Risk / Reward Ratio: 0.493

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.

PHIN collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on PHIN. 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%	-$502.50
$16.51	-77.9%	-$502.50
$33.02	-55.8%	-$502.50
$49.52	-33.7%	-$502.50
$66.03	-11.6%	-$502.50
$82.53	+10.6%	+$247.50
$99.04	+32.7%	+$247.50
$115.54	+54.8%	+$247.50
$132.05	+76.9%	+$247.50
$148.55	+99.0%	+$247.50

When traders use collar on PHIN

Collars on PHIN hedge an existing long PHIN 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.

PHIN thesis for this collar

The market-implied 1-standard-deviation range for PHIN extends from approximately $67.67 on the downside to $81.63 on the upside. A PHIN collar hedges an existing long PHIN 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 PHIN IV rank near 4.21% 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 PHIN at 32.60%. As a Consumer Cyclical name, PHIN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PHIN-specific events.

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

Frequently asked questions

What is a collar on PHIN?: A collar on PHIN is the collar strategy applied to PHIN (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 PHIN stock at $74.65 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PHIN chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PHIN 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 PHIN collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $247.50 per contract and the computed maximum loss is -$502.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PHIN collar?: The breakeven for the PHIN collar priced on this page is roughly $75.03 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 PHIN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on PHIN?: Collars on PHIN hedge an existing long PHIN 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 PHIN implied volatility affect this collar?: PHIN ATM IV is at 32.60% with IV rank near 4.21%, 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.