VANI Collar Strategy
VANI (Vivani Medical, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.
Vivani Medical, Inc., a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals. The company is headquartered in Emeryville, California.
VANI (Vivani Medical, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $68.5M, a beta of 3.37 versus the broader market, a 52-week range of 0.923-1.92, average daily share volume of 247K, a public-listing history dating back to 2014, approximately 37 full-time employees. These structural characteristics shape how VANI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.37 indicates VANI 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 VANI?
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 VANI snapshot
As of May 15, 2026, spot at $1.19, ATM IV 190.80%, IV rank 35.50%, expected move 54.70%. The collar on VANI 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 VANI specifically: IV regime affects collar pricing on both sides; mid-range VANI IV at 190.80% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 54.70% (roughly $0.65 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 VANI expiries trade a higher absolute premium for lower per-day decay. Position sizing on VANI should anchor to the underlying notional of $1.19 per share and to the trader's directional view on VANI stock.
VANI collar setup
The VANI 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 VANI near $1.19, the first option leg uses a $1.25 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed VANI 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 VANI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $1.19 | long |
| Sell 1 | Call | $1.25 | N/A |
| Buy 1 | Put | $1.13 | N/A |
VANI 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.
VANI collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on VANI. 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 VANI
Collars on VANI hedge an existing long VANI 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.
VANI thesis for this collar
The market-implied 1-standard-deviation range for VANI extends from approximately $0.54 on the downside to $1.84 on the upside. A VANI collar hedges an existing long VANI 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 VANI IV rank near 35.50% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on VANI should anchor more to the directional view and the expected-move geometry. As a Healthcare name, VANI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to VANI-specific events.
VANI 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. VANI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move VANI alongside the broader basket even when VANI-specific fundamentals are unchanged. Always rebuild the position from current VANI chain quotes before placing a trade.
Frequently asked questions
- What is a collar on VANI?
- A collar on VANI is the collar strategy applied to VANI (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 VANI stock trading near $1.19, the strikes shown on this page are snapped to the nearest listed VANI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are VANI 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 VANI collar priced from the end-of-day chain at a 30-day expiry (ATM IV 190.80%), 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 VANI collar?
- The breakeven for the VANI 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 VANI market-implied 1-standard-deviation expected move is approximately 54.70%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on VANI?
- Collars on VANI hedge an existing long VANI 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 VANI implied volatility affect this collar?
- VANI ATM IV is at 190.80% with IV rank near 35.50%, 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.