How are PTGX 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 PTGX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 61.60%), the computed maximum profit is $402.00 per contract and the computed maximum loss is -$598.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PTGX collar?

The breakeven for the PTGX collar priced on this page is roughly $120.98 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 PTGX market-implied 1-standard-deviation expected move is approximately 17.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current PTGX implied volatility affect this collar?

PTGX ATM IV is at 61.60% with IV rank near 12.15%, 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.

PTGX Collar Strategy

PTGX (Protagonist Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Protagonist Therapeutics, Inc. is a biopharmaceutical firm dedicated to discovering and advancing peptide-based therapies. Their research primarily focuses on treatments for hematological and blood conditions, as well as inflammatory and immune-mediated disorders. The company's pipeline features rusfertide (PTG-300), an injectable hepcidin mimetic currently undergoing Phase II clinical trials for the management of polycythemia vera, hereditary hemochromatosis, and other blood-related ailments. Also in Phase II development is PN-943, an oral peptide engineered as a specific antagonist of alpha-4-beta-7 integrin, intended for addressing inflammatory bowel disease (IBD). Furthermore, they are progressing PN-235, an orally administered antagonist specifically targeting the interleukin-23 receptor, designed for both IBD and various non-IBD therapeutic applications. Protagonist Therapeutics maintains a licensing and collaborative agreement with Janssen Biotech, Inc.

PTGX (Protagonist Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $7.84B, a beta of 1.83 versus the broader market, a 52-week range of 49.38-126.25, average daily share volume of 701K, a public-listing history dating back to 2016, approximately 124 full-time employees. These structural characteristics shape how PTGX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.83 indicates PTGX 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 PTGX?

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 PTGX snapshot

As of June 29, 2026, spot at $121.03, ATM IV 61.60%, IV rank 12.15%, expected move 17.66%. The collar on PTGX 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 18-day expiry.

Why this collar structure on PTGX specifically: IV regime affects collar pricing on both sides; compressed PTGX IV at 61.60% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 17.66% (roughly $21.37 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated PTGX expiries trade a higher absolute premium for lower per-day decay. Position sizing on PTGX should anchor to the underlying notional of $121.03 per share and to the trader's directional view on PTGX stock.

PTGX collar setup

The PTGX 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 PTGX near $121.03, the first option leg uses a $125.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PTGX chain at a 18-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 PTGX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$121.03	long
Sell 1	Call	$125.00	$4.45
Buy 1	Put	$115.00	$4.40

PTGX collar risk and reward

Net Premium / Debit: -$12,098.00
Max Profit (per contract): $402.00
Max Loss (per contract): -$598.00
Breakeven(s): $120.98
Risk / Reward Ratio: 0.672

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.

PTGX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on PTGX. 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%	-$598.00
$26.77	-77.9%	-$598.00
$53.53	-55.8%	-$598.00
$80.29	-33.7%	-$598.00
$107.05	-11.6%	-$598.00
$133.81	+10.6%	+$402.00
$160.57	+32.7%	+$402.00
$187.33	+54.8%	+$402.00
$214.08	+76.9%	+$402.00
$240.84	+99.0%	+$402.00

When traders use collar on PTGX

Collars on PTGX hedge an existing long PTGX 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.

PTGX thesis for this collar

The market-implied 1-standard-deviation range for PTGX extends from approximately $99.66 on the downside to $142.40 on the upside. A PTGX collar hedges an existing long PTGX 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 PTGX IV rank near 12.15% 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 PTGX at 61.60%. As a Healthcare name, PTGX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PTGX-specific events.

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

Frequently asked questions

What is a collar on PTGX?: A collar on PTGX is the collar strategy applied to PTGX (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 PTGX stock trading near $121.03, the strikes shown on this page are snapped to the nearest listed PTGX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are PTGX 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 PTGX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 61.60%), the computed maximum profit is $402.00 per contract and the computed maximum loss is -$598.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PTGX collar?: The breakeven for the PTGX collar priced on this page is roughly $120.98 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 PTGX market-implied 1-standard-deviation expected move is approximately 17.66%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on PTGX?: Collars on PTGX hedge an existing long PTGX 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 PTGX implied volatility affect this collar?: PTGX ATM IV is at 61.60% with IV rank near 12.15%, 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.