How are SNEX 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 SNEX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 38.40%), the computed maximum profit is $636.50 per contract and the computed maximum loss is -$363.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SNEX collar?

The breakeven for the SNEX collar priced on this page is roughly $108.63 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 SNEX market-implied 1-standard-deviation expected move is approximately 11.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SNEX implied volatility affect this collar?

SNEX ATM IV is at 38.40% with IV rank near 6.41%, 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.

SNEX Collar Strategy

SNEX (StoneX Group Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.

StoneX Group Inc. operates as a global financial services network that connects companies, organizations, traders, and investors to market ecosystem worldwide. Its Commercial segment provides risk management and hedging, exchange-traded and OTC products execution and clearing, voice brokerage, market intelligence, physical trading, and commodity financing and logistics services. The company's Institutional segment provides equity trading services to institutional clients; and originates, structures, and places debt instruments in capital markets worldwide. Its services cover foreign securities, including unlisted American Depository Receipts, Global Depository Receipts, and foreign ordinary shares. This segment also operates as an institutional dealer in fixed income securities to serve asset managers, commercial bank trust and investment departments, broker-dealers, and insurance companies; engages in asset management business; and offers clearing and execution services in futures exchanges, brokerage foreign exchange services for the financial institutions and professional traders, and OTC products. The company's Retail segment provides trading services and solutions in the global financial markets, including spot foreign exchange, precious metals trading, and contracts for differences; and wealth management and investment services, as well as offers physical gold and other precious metals in various forms and denominations through coininvest.com and silver-to-go.com.

SNEX (StoneX Group Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $9.20B, a trailing P/E of 19.20, a beta of 0.64 versus the broader market, a 52-week range of 53.52667-125.42, average daily share volume of 752K, a public-listing history dating back to 1995, approximately 5K full-time employees. These structural characteristics shape how SNEX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.64 indicates SNEX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a collar on SNEX?

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 SNEX snapshot

As of May 15, 2026, spot at $109.81, ATM IV 38.40%, IV rank 6.41%, expected move 11.01%. The collar on SNEX 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 SNEX specifically: IV regime affects collar pricing on both sides; compressed SNEX IV at 38.40% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 11.01% (roughly $12.09 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 SNEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNEX should anchor to the underlying notional of $109.81 per share and to the trader's directional view on SNEX stock.

SNEX collar setup

The SNEX 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 SNEX near $109.81, the first option leg uses a $115.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNEX 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 SNEX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$109.81	long
Sell 1	Call	$115.00	$3.70
Buy 1	Put	$105.00	$2.53

SNEX collar risk and reward

Net Premium / Debit: -$10,863.50
Max Profit (per contract): $636.50
Max Loss (per contract): -$363.50
Breakeven(s): $108.63
Risk / Reward Ratio: 1.751

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.

SNEX collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on SNEX. 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.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$363.50
$24.29	-77.9%	-$363.50
$48.57	-55.8%	-$363.50
$72.85	-33.7%	-$363.50
$97.12	-11.6%	-$363.50
$121.40	+10.6%	+$636.50
$145.68	+32.7%	+$636.50
$169.96	+54.8%	+$636.50
$194.24	+76.9%	+$636.50
$218.52	+99.0%	+$636.50

When traders use collar on SNEX

Collars on SNEX hedge an existing long SNEX 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.

SNEX thesis for this collar

The market-implied 1-standard-deviation range for SNEX extends from approximately $97.72 on the downside to $121.90 on the upside. A SNEX collar hedges an existing long SNEX 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 SNEX IV rank near 6.41% 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 SNEX at 38.40%. As a Financial Services name, SNEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNEX-specific events.

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

Frequently asked questions

What is a collar on SNEX?: A collar on SNEX is the collar strategy applied to SNEX (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 SNEX stock trading near $109.81, the strikes shown on this page are snapped to the nearest listed SNEX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SNEX 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 SNEX collar priced from the end-of-day chain at a 30-day expiry (ATM IV 38.40%), the computed maximum profit is $636.50 per contract and the computed maximum loss is -$363.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SNEX collar?: The breakeven for the SNEX collar priced on this page is roughly $108.63 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 SNEX market-implied 1-standard-deviation expected move is approximately 11.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on SNEX?: Collars on SNEX hedge an existing long SNEX 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 SNEX implied volatility affect this collar?: SNEX ATM IV is at 38.40% with IV rank near 6.41%, 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.