SSP Collar Strategy
SSP (The E.W. Scripps Company), in the Communication Services sector, (Broadcasting industry), listed on NASDAQ.
The E.W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. The company operates through Local Media, Scripps Network, and Other segments. The Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations. This segment also runs network, syndicated, and original programming. The Scripps Network segment comprises of national television networks.
SSP (The E.W. Scripps Company) trades in the Communication Services sector, specifically Broadcasting, with a market capitalization of approximately $410.7M, a beta of 0.73 versus the broader market, a 52-week range of 1.5188-5.39, average daily share volume of 689K, a public-listing history dating back to 1988, approximately 5K full-time employees. These structural characteristics shape how SSP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.73 places SSP roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a collar on SSP?
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 SSP snapshot
As of May 15, 2026, spot at $3.31, ATM IV 54.00%, IV rank 0.99%, expected move 15.48%. The collar on SSP 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 SSP specifically: IV regime affects collar pricing on both sides; compressed SSP IV at 54.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 15.48% (roughly $0.51 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 SSP expiries trade a higher absolute premium for lower per-day decay. Position sizing on SSP should anchor to the underlying notional of $3.31 per share and to the trader's directional view on SSP stock.
SSP collar setup
The SSP 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 SSP near $3.31, the first option leg uses a $3.48 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SSP 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 SSP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $3.31 | long |
| Sell 1 | Call | $3.48 | N/A |
| Buy 1 | Put | $3.14 | N/A |
SSP 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.
SSP collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on SSP. 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 SSP
Collars on SSP hedge an existing long SSP 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.
SSP thesis for this collar
The market-implied 1-standard-deviation range for SSP extends from approximately $2.80 on the downside to $3.82 on the upside. A SSP collar hedges an existing long SSP 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 SSP IV rank near 0.99% 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 SSP at 54.00%. As a Communication Services name, SSP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SSP-specific events.
SSP 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. SSP positions also carry Communication Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move SSP alongside the broader basket even when SSP-specific fundamentals are unchanged. Always rebuild the position from current SSP chain quotes before placing a trade.
Frequently asked questions
- What is a collar on SSP?
- A collar on SSP is the collar strategy applied to SSP (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 SSP stock trading near $3.31, the strikes shown on this page are snapped to the nearest listed SSP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are SSP 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 SSP collar priced from the end-of-day chain at a 30-day expiry (ATM IV 54.00%), 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 SSP collar?
- The breakeven for the SSP 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 SSP market-implied 1-standard-deviation expected move is approximately 15.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on SSP?
- Collars on SSP hedge an existing long SSP 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 SSP implied volatility affect this collar?
- SSP ATM IV is at 54.00% with IV rank near 0.99%, 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.