USAS Collar Strategy
USAS (Americas Gold and Silver Corporation), in the Basic Materials sector, (Industrial Materials industry), listed on AMEX.
Americas Gold and Silver Corporation, together with its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral properties in North America. It explores for silver, lead, zinc, copper, and gold deposits. The company holds 100% interests in the Cosalá Operations consisting of 67 mining concessions that covers approximately 19,385 hectares located in the state of Sinaloa, Mexico; and the San Felipe development project in Sonora, Mexico. It also owns a 60% interest in the Galena Complex located in the northern Idaho Silver Valley, Idaho; and a 100% interest in the Relief Canyon mine located in the Pershing County, Nevada, the United States. The company was formerly known as Americas Silver Corporation and changed its name to Americas Gold and Silver Corporation in September 2019. Americas Gold and Silver Corporation was incorporated in 1998 and is headquartered in Toronto, Canada.
USAS (Americas Gold and Silver Corporation) trades in the Basic Materials sector, specifically Industrial Materials, with a market capitalization of approximately $1.94B, a beta of 2.06 versus the broader market, a 52-week range of 1.35-10.5, average daily share volume of 6.2M, a public-listing history dating back to 2003, approximately 629 full-time employees. These structural characteristics shape how USAS stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.06 indicates USAS has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a collar on USAS?
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 USAS snapshot
As of May 15, 2026, spot at $6.22, ATM IV 92.50%, IV rank 23.46%, expected move 26.52%. The collar on USAS 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 98-day expiry.
Why this collar structure on USAS specifically: IV regime affects collar pricing on both sides; compressed USAS IV at 92.50% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 26.52% (roughly $1.65 on the underlying). The 98-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated USAS expiries trade a higher absolute premium for lower per-day decay. Position sizing on USAS should anchor to the underlying notional of $6.22 per share and to the trader's directional view on USAS stock.
USAS collar setup
The USAS 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 USAS near $6.22, the first option leg uses a $6.53 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed USAS chain at a 98-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 USAS shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $6.22 | long |
| Sell 1 | Call | $6.53 | N/A |
| Buy 1 | Put | $5.91 | N/A |
USAS 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.
USAS collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on USAS. 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 USAS
Collars on USAS hedge an existing long USAS 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.
USAS thesis for this collar
The market-implied 1-standard-deviation range for USAS extends from approximately $4.57 on the downside to $7.87 on the upside. A USAS collar hedges an existing long USAS 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 USAS IV rank near 23.46% 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 USAS at 92.50%. As a Basic Materials name, USAS options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to USAS-specific events.
USAS 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. USAS positions also carry Basic Materials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move USAS alongside the broader basket even when USAS-specific fundamentals are unchanged. Always rebuild the position from current USAS chain quotes before placing a trade.
Frequently asked questions
- What is a collar on USAS?
- A collar on USAS is the collar strategy applied to USAS (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 USAS stock trading near $6.22, the strikes shown on this page are snapped to the nearest listed USAS chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are USAS 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 USAS collar priced from the end-of-day chain at a 30-day expiry (ATM IV 92.50%), 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 USAS collar?
- The breakeven for the USAS 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 USAS market-implied 1-standard-deviation expected move is approximately 26.52%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on USAS?
- Collars on USAS hedge an existing long USAS 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 USAS implied volatility affect this collar?
- USAS ATM IV is at 92.50% with IV rank near 23.46%, 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.