How are SU 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 SU collar priced from the end-of-day chain at a 30-day expiry (ATM IV 32.37%), the computed maximum profit is $274.50 per contract and the computed maximum loss is -$225.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a SU collar?

The breakeven for the SU collar priced on this page is roughly $53.26 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 SU market-implied 1-standard-deviation expected move is approximately 9.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current SU implied volatility affect this collar?

SU ATM IV is at 32.37% with IV rank near 57.92%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

SU Collar Strategy

SU (Suncor Energy Inc.), in the Energy sector, (Oil & Gas Integrated industry), listed on NYSE.

Suncor Energy Inc. operates as a fully integrated energy enterprise. Its primary focus involves the development of hydrocarbon resources, particularly within Canada's Athabasca oil sands region. Globally, the company undertakes the exploration, acquisition, development, production, transportation, refining, and marketing of crude oil. Domestically, it distributes petroleum and petrochemical products, predominantly under the Petro-Canada brand. Suncor's operations are divided into several key segments: The Oil Sands division extracts bitumen through both mining and in-situ techniques, converting it into refinery feedstock and diesel, or blending it for direct market sale. The Exploration and Production segment manages offshore assets off Canada's East Coast and in the North Sea, in addition to onshore properties in Libya and Syria.

SU (Suncor Energy Inc.) trades in the Energy sector, specifically Oil & Gas Integrated, with a market capitalization of approximately $63.64B, a trailing P/E of 14.36, a beta of 0.56 versus the broader market, a 52-week range of 37.23-70.29, average daily share volume of 4.3M, a public-listing history dating back to 1980, approximately 15K full-time employees. These structural characteristics shape how SU stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.56 indicates SU has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. SU pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on SU?

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 SU snapshot

As of June 29, 2026, spot at $53.77, ATM IV 32.37%, IV rank 57.92%, expected move 9.28%. The collar on SU 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 32-day expiry.

Why this collar structure on SU specifically: IV regime affects collar pricing on both sides; mid-range SU IV at 32.37% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 9.28% (roughly $4.99 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated SU expiries trade a higher absolute premium for lower per-day decay. Position sizing on SU should anchor to the underlying notional of $53.77 per share and to the trader's directional view on SU stock.

SU collar setup

The SU 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 SU near $53.77, the first option leg uses a $56.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SU chain at a 32-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 SU shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$53.77	long
Sell 1	Call	$56.00	$1.48
Buy 1	Put	$51.00	$0.96

SU collar risk and reward

Net Premium / Debit: -$5,325.50
Max Profit (per contract): $274.50
Max Loss (per contract): -$225.50
Breakeven(s): $53.26
Risk / Reward Ratio: 1.217

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.

SU collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on SU. 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%	-$225.50
$11.90	-77.9%	-$225.50
$23.79	-55.8%	-$225.50
$35.67	-33.7%	-$225.50
$47.56	-11.5%	-$225.50
$59.45	+10.6%	+$274.50
$71.34	+32.7%	+$274.50
$83.22	+54.8%	+$274.50
$95.11	+76.9%	+$274.50
$107.00	+99.0%	+$274.50

When traders use collar on SU

Collars on SU hedge an existing long SU 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.

SU thesis for this collar

The market-implied 1-standard-deviation range for SU extends from approximately $48.78 on the downside to $58.76 on the upside. A SU collar hedges an existing long SU 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 SU IV rank near 57.92% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on SU should anchor more to the directional view and the expected-move geometry. As a Energy name, SU options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SU-specific events.

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

Frequently asked questions

What is a collar on SU?: A collar on SU is the collar strategy applied to SU (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 SU stock trading near $53.77, the strikes shown on this page are snapped to the nearest listed SU chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SU 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 SU collar priced from the end-of-day chain at a 30-day expiry (ATM IV 32.37%), the computed maximum profit is $274.50 per contract and the computed maximum loss is -$225.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a SU collar?: The breakeven for the SU collar priced on this page is roughly $53.26 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 SU market-implied 1-standard-deviation expected move is approximately 9.28%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on SU?: Collars on SU hedge an existing long SU 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 SU implied volatility affect this collar?: SU ATM IV is at 32.37% with IV rank near 57.92%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.