RSI Collar Strategy
RSI (Rush Street Interactive, Inc.), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NYSE.
Rush Street Interactive, Inc. operates as an online casino and sports betting company in the United States and Latin America. It provides real-money online casino, online and retail sports betting, and social gaming services. In addition, the company offers full suite of games comprising of bricks-and-mortar casinos, table games, and slot machines. The company markets its online casino and sports betting under BetRivers.com, PlaySugarHouse.com, and RushBet.co brands. Rush Street Interactive, Inc. was founded in 2012 and is headquartered in Chicago, Illinois.
RSI (Rush Street Interactive, Inc.) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $6.42B, a trailing P/E of 74.48, a beta of 1.65 versus the broader market, a 52-week range of 11.5-29.24, average daily share volume of 2.0M, a public-listing history dating back to 2020, approximately 883 full-time employees. These structural characteristics shape how RSI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.65 indicates RSI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 74.48 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a collar on RSI?
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 RSI snapshot
As of May 15, 2026, spot at $26.86, ATM IV 54.50%, IV rank 10.59%, expected move 15.62%. The collar on RSI 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 34-day expiry.
Why this collar structure on RSI specifically: IV regime affects collar pricing on both sides; compressed RSI IV at 54.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.62% (roughly $4.20 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated RSI expiries trade a higher absolute premium for lower per-day decay. Position sizing on RSI should anchor to the underlying notional of $26.86 per share and to the trader's directional view on RSI stock.
RSI collar setup
The RSI 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 RSI near $26.86, the first option leg uses a $28.20 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed RSI chain at a 34-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 RSI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $26.86 | long |
| Sell 1 | Call | $28.20 | N/A |
| Buy 1 | Put | $25.52 | N/A |
RSI 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.
RSI collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on RSI. 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 RSI
Collars on RSI hedge an existing long RSI 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.
RSI thesis for this collar
The market-implied 1-standard-deviation range for RSI extends from approximately $22.66 on the downside to $31.06 on the upside. A RSI collar hedges an existing long RSI 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 RSI IV rank near 10.59% 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 RSI at 54.50%. As a Consumer Cyclical name, RSI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to RSI-specific events.
RSI 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. RSI positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move RSI alongside the broader basket even when RSI-specific fundamentals are unchanged. Always rebuild the position from current RSI chain quotes before placing a trade.
Frequently asked questions
- What is a collar on RSI?
- A collar on RSI is the collar strategy applied to RSI (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 RSI stock trading near $26.86, the strikes shown on this page are snapped to the nearest listed RSI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are RSI 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 RSI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 54.50%), 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 RSI collar?
- The breakeven for the RSI collar priced on this page is no defined breakeven on the modeled curve 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 RSI market-implied 1-standard-deviation expected move is approximately 15.62%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on RSI?
- Collars on RSI hedge an existing long RSI 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 RSI implied volatility affect this collar?
- RSI ATM IV is at 54.50% with IV rank near 10.59%, 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.