How are TENB 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 TENB collar priced from the end-of-day chain at a 30-day expiry (ATM IV 60.70%), the computed maximum profit is $217.00 per contract and the computed maximum loss is -$183.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TENB collar?

The breakeven for the TENB collar priced on this page is roughly $36.83 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 TENB market-implied 1-standard-deviation expected move is approximately 17.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current TENB implied volatility affect this collar?

TENB ATM IV is at 60.70% with IV rank near 64.40%, 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.

TENB Collar Strategy

TENB (Tenable Holdings, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.

Tenable Holdings, Inc. is a cybersecurity firm that specializes in providing comprehensive solutions to identify and manage an organization's exposure to cyber risks. Their services extend globally, catering to clients across the Americas, Europe, the Middle East, Africa, the Asia Pacific region, and Japan. The company offers a diverse suite of platforms and products: Tenable.io functions as a cloud-delivered Software-as-a-Service (SaaS), offering clients a risk-centric overview of both modern and traditional attack surfaces. Tenable.cs is a cloud-native application solution designed to automatically detect and correct misconfigurations within cloud infrastructure. Tenable.io WAS provides crucial scanning capabilities for contemporary web applications. Tenable.ep serves as a unified platform, enabling businesses to discover, evaluate, and precisely prioritize cyber threats across their entire digital landscape.

TENB (Tenable Holdings, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $3.33B, a beta of 0.99 versus the broader market, a 52-week range of 15.73-35.69, average daily share volume of 3.5M, a public-listing history dating back to 2018, approximately 2K full-time employees. These structural characteristics shape how TENB stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.99 places TENB roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a collar on TENB?

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 TENB snapshot

As of June 30, 2026, spot at $36.78, ATM IV 60.70%, IV rank 64.40%, expected move 17.40%. The collar on TENB 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 17-day expiry.

Why this collar structure on TENB specifically: IV regime affects collar pricing on both sides; mid-range TENB IV at 60.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 17.40% (roughly $6.40 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TENB expiries trade a higher absolute premium for lower per-day decay. Position sizing on TENB should anchor to the underlying notional of $36.78 per share and to the trader's directional view on TENB stock.

TENB collar setup

The TENB 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 TENB near $36.78, the first option leg uses a $39.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TENB chain at a 17-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 TENB shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$36.78	long
Sell 1	Call	$39.00	$1.10
Buy 1	Put	$35.00	$1.15

TENB collar risk and reward

Net Premium / Debit: -$3,683.00
Max Profit (per contract): $217.00
Max Loss (per contract): -$183.00
Breakeven(s): $36.83
Risk / Reward Ratio: 1.186

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.

TENB collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on TENB. 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%	-$183.00
$8.14	-77.9%	-$183.00
$16.27	-55.8%	-$183.00
$24.40	-33.7%	-$183.00
$32.53	-11.5%	-$183.00
$40.67	+10.6%	+$217.00
$48.80	+32.7%	+$217.00
$56.93	+54.8%	+$217.00
$65.06	+76.9%	+$217.00
$73.19	+99.0%	+$217.00

When traders use collar on TENB

Collars on TENB hedge an existing long TENB 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.

TENB thesis for this collar

The market-implied 1-standard-deviation range for TENB extends from approximately $30.38 on the downside to $43.18 on the upside. A TENB collar hedges an existing long TENB 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 TENB IV rank near 64.40% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on TENB should anchor more to the directional view and the expected-move geometry. As a Technology name, TENB options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TENB-specific events.

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

Frequently asked questions

What is a collar on TENB?: A collar on TENB is the collar strategy applied to TENB (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 TENB stock trading near $36.78, the strikes shown on this page are snapped to the nearest listed TENB chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TENB 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 TENB collar priced from the end-of-day chain at a 30-day expiry (ATM IV 60.70%), the computed maximum profit is $217.00 per contract and the computed maximum loss is -$183.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TENB collar?: The breakeven for the TENB collar priced on this page is roughly $36.83 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 TENB market-implied 1-standard-deviation expected move is approximately 17.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on TENB?: Collars on TENB hedge an existing long TENB 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 TENB implied volatility affect this collar?: TENB ATM IV is at 60.70% with IV rank near 64.40%, 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.