TENB Collar Strategy
TENB (Tenable Holdings, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
Tenable Holdings, Inc. provides cyber exposure solutions for in the Americas, Europe, the Middle East, Africa, the Asia Pacific, and Japan. Its platforms include Tenable.io, a cloud-delivered software as a service that provides organizations with a risk-based view of traditional and modern attack surfaces; Tenable.cs, a cloud-native application platform that enables organizations to programmatically detect and fix cloud infrastructure misconfigurations; Tenable.io WAS, which provides scanning for modern web applications; and Tenable.ep, an unified platform that helps organizations identify, assess, and accurately prioritize cyber risks across the entire attack surface. The company also offers Tenable.ad, a solution to secure Active Directory environments; Tenable.ot, an on-premises solution that provides threat detection and mitigation, asset tracking, vulnerability management, and configuration control capabilities to protect OT environments, including industrial networks; Tenable.sc, an on-premises solution that provides a risk-based view of an organization's IT, security and compliance posture. In addition, it provides Nessus Professional, a vulnerability assessment solution for identifying security vulnerabilities, configuration issues, and malware; and Nessus Essentials, which includes vulnerability and configuration assessment for a limited number of assets. The company was founded in 2002 and is headquartered in Columbia, Maryland.
TENB (Tenable Holdings, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $2.27B, a beta of 0.88 versus the broader market, a 52-week range of 15.73-35.69, average daily share volume of 3.2M, 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 0.88 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 May 15, 2026, spot at $21.45, ATM IV 58.10%, IV rank 60.59%, expected move 16.66%. 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 34-day expiry.
Why this collar structure on TENB specifically: IV regime affects collar pricing on both sides; mid-range TENB IV at 58.10% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 16.66% (roughly $3.57 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 TENB expiries trade a higher absolute premium for lower per-day decay. Position sizing on TENB should anchor to the underlying notional of $21.45 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 $21.45, the first option leg uses a $23.00 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 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 TENB shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $21.45 | long |
| Sell 1 | Call | $23.00 | $0.93 |
| Buy 1 | Put | $20.00 | $0.83 |
TENB collar risk and reward
- Net Premium / Debit
- -$2,135.00
- Max Profit (per contract)
- $165.00
- Max Loss (per contract)
- -$135.00
- Breakeven(s)
- $21.35
- Risk / Reward Ratio
- 1.222
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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$135.00 |
| $4.75 | -77.8% | -$135.00 |
| $9.49 | -55.7% | -$135.00 |
| $14.23 | -33.6% | -$135.00 |
| $18.98 | -11.5% | -$135.00 |
| $23.72 | +10.6% | +$165.00 |
| $28.46 | +32.7% | +$165.00 |
| $33.20 | +54.8% | +$165.00 |
| $37.94 | +76.9% | +$165.00 |
| $42.68 | +99.0% | +$165.00 |
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 $17.88 on the downside to $25.02 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 60.59% 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 $21.45, 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 58.10%), the computed maximum profit is $165.00 per contract and the computed maximum loss is -$135.00 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 $21.35 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 16.66%; 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 58.10% with IV rank near 60.59%, 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.