How are RJF 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 RJF collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $867.50 per contract and the computed maximum loss is -$1,132.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a RJF collar?

The breakeven for the RJF collar priced on this page is roughly $181.33 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 RJF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current RJF implied volatility affect this collar?

RJF ATM IV is at 19.30% with IV rank near 0.67%, 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.

RJF Collar Strategy

RJF (Raymond James Financial, Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NYSE.

Raymond James Financial, Inc. operates as a comprehensive financial services firm, extending a wide array of services to individuals, businesses, and governmental entities throughout the United States, Canada, and Europe. Its diverse operations are categorized into several key segments: Private Client Group, Capital Markets, Asset Management, Banking, and an "Other" category. The Private Client Group division equips clients with various investment solutions, personalized portfolio management, a selection of insurance and annuity products, and mutual funds. This segment also provides essential backing to third-party product partners, covering aspects like sales and marketing support, distribution, accounting, and general administrative assistance. Additionally, it facilitates margin loans and offers securities borrowing and lending services. Within the Capital Markets segment, the company engages in investment banking activities, which include orchestrating equity and debt offerings, along with offering expert advisory services for mergers and acquisitions.

RJF (Raymond James Financial, Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $34.80B, a trailing P/E of 15.24, a beta of 0.92 versus the broader market, a 52-week range of 138.82-182.73, average daily share volume of 1.4M, a public-listing history dating back to 1983, approximately 20K full-time employees. These structural characteristics shape how RJF stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.92 places RJF roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. RJF pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on RJF?

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.

RJF snapshot

As of August 14, 2026, spot at $180.85, ATM IV 19.30%, IV rank 0.67%, expected move 5.53%. The collar on RJF 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 RJF specifically: IV regime affects collar pricing on both sides; compressed RJF IV at 19.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 5.53% (roughly $10.01 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 RJF expiries trade a higher absolute premium for lower per-day decay. Position sizing on RJF should anchor to the underlying notional of $180.85 per share and to the trader's directional view on RJF stock.

RJF collar setup

The RJF 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 RJF at $180.85 on that close, the first option leg uses a $190.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RJF 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 RJF shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$180.85	long
Sell 1	Call	$190.00	$1.03
Buy 1	Put	$170.00	$1.50

RJF collar risk and reward

Net Premium / Debit: -$18,132.50
Max Profit (per contract): $867.50
Max Loss (per contract): -$1,132.50
Breakeven(s): $181.33
Risk / Reward Ratio: 0.766

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.

RJF collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on RJF. 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%	-$1,132.50
$40.00	-77.9%	-$1,132.50
$79.98	-55.8%	-$1,132.50
$119.97	-33.7%	-$1,132.50
$159.95	-11.6%	-$1,132.50
$199.94	+10.6%	+$867.50
$239.92	+32.7%	+$867.50
$279.91	+54.8%	+$867.50
$319.90	+76.9%	+$867.50
$359.88	+99.0%	+$867.50

When traders use collar on RJF

Collars on RJF hedge an existing long RJF 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.

RJF thesis for this collar

The market-implied 1-standard-deviation range for RJF extends from approximately $170.84 on the downside to $190.86 on the upside. A RJF collar hedges an existing long RJF 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 RJF IV rank near 0.67% 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 RJF at 19.30%. As a Financial Services name, RJF options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RJF-specific events.

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

Frequently asked questions

What is a collar on RJF?: A collar on RJF is the collar strategy applied to RJF (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 RJF stock at $180.85 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed RJF chain strike and the premiums come straight from that session's bid/ask midpoint.
How are RJF 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 RJF collar priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 19.30%), the computed maximum profit is $867.50 per contract and the computed maximum loss is -$1,132.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a RJF collar?: The breakeven for the RJF collar priced on this page is roughly $181.33 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 RJF market-implied 1-standard-deviation expected move in the same options snapshot is approximately 5.53%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on RJF?: Collars on RJF hedge an existing long RJF 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 RJF implied volatility affect this collar?: RJF ATM IV is at 19.30% with IV rank near 0.67%, 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.