How are WTFC 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 WTFC collar priced from the end-of-day chain at a 30-day expiry (ATM IV 25.20%), the computed maximum profit is $508.50 per contract and the computed maximum loss is -$491.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a WTFC collar?

The breakeven for the WTFC collar priced on this page is roughly $144.92 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 WTFC market-implied 1-standard-deviation expected move is approximately 7.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current WTFC implied volatility affect this collar?

WTFC ATM IV is at 25.20% with IV rank near 1.40%, 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.

WTFC Collar Strategy

WTFC (Wintrust Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.

Wintrust Financial Corporation operates as a financial holding company. It operates in three segments: Community Banking, Specialty Finance, and Wealth Management. The Community Banking segment offers non-interest bearing deposits, non-brokered interest-bearing transaction accounts, and savings and domestic time deposits; home equity, consumer, and real estate loans; safe deposit facilities; and automatic teller machine (ATM), online and mobile banking, and other services. It also engages in the retail origination and purchase of residential mortgages for sale into the secondary market; and provision of lending, deposits, and treasury management services to condominium, homeowner, and community associations, as well as asset-based lending for middle-market companies. In addition, this segment offers loan and deposit services to mortgage brokerage companies; lending to restaurant franchisees; direct leasing; small business administration loans; commercial mortgages and construction loans; and financial solutions. It provides personal and commercial banking services primarily to individuals, small to mid-sized businesses, local governmental units, and institutional clients.

WTFC (Wintrust Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $9.89B, a trailing P/E of 11.44, a beta of 0.86 versus the broader market, a 52-week range of 114.73-162.96, average daily share volume of 461K, a public-listing history dating back to 1998, approximately 6K full-time employees. These structural characteristics shape how WTFC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.86 places WTFC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 11.44 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. WTFC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a collar on WTFC?

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 WTFC snapshot

As of May 15, 2026, spot at $144.79, ATM IV 25.20%, IV rank 1.40%, expected move 7.22%. The collar on WTFC 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 WTFC specifically: IV regime affects collar pricing on both sides; compressed WTFC IV at 25.20% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 7.22% (roughly $10.46 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 WTFC expiries trade a higher absolute premium for lower per-day decay. Position sizing on WTFC should anchor to the underlying notional of $144.79 per share and to the trader's directional view on WTFC stock.

WTFC collar setup

The WTFC 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 WTFC near $144.79, the first option leg uses a $150.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WTFC 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 WTFC shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 100 shares	Stock	$144.79	long
Sell 1	Call	$150.00	$2.43
Buy 1	Put	$140.00	$2.55

WTFC collar risk and reward

Net Premium / Debit: -$14,491.50
Max Profit (per contract): $508.50
Max Loss (per contract): -$491.50
Breakeven(s): $144.92
Risk / Reward Ratio: 1.035

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.

WTFC collar payoff curve

Modeled P&L at expiration across a range of underlying prices for the collar on WTFC. 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%	-$491.50
$32.02	-77.9%	-$491.50
$64.04	-55.8%	-$491.50
$96.05	-33.7%	-$491.50
$128.06	-11.6%	-$491.50
$160.07	+10.6%	+$508.50
$192.09	+32.7%	+$508.50
$224.10	+54.8%	+$508.50
$256.11	+76.9%	+$508.50
$288.12	+99.0%	+$508.50

When traders use collar on WTFC

Collars on WTFC hedge an existing long WTFC 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.

WTFC thesis for this collar

The market-implied 1-standard-deviation range for WTFC extends from approximately $134.33 on the downside to $155.25 on the upside. A WTFC collar hedges an existing long WTFC 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 WTFC IV rank near 1.40% 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 WTFC at 25.20%. As a Financial Services name, WTFC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WTFC-specific events.

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

Frequently asked questions

What is a collar on WTFC?: A collar on WTFC is the collar strategy applied to WTFC (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 WTFC stock trading near $144.79, the strikes shown on this page are snapped to the nearest listed WTFC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are WTFC 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 WTFC collar priced from the end-of-day chain at a 30-day expiry (ATM IV 25.20%), the computed maximum profit is $508.50 per contract and the computed maximum loss is -$491.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a WTFC collar?: The breakeven for the WTFC collar priced on this page is roughly $144.92 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 WTFC market-implied 1-standard-deviation expected move is approximately 7.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
When should you consider a collar on WTFC?: Collars on WTFC hedge an existing long WTFC 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 WTFC implied volatility affect this collar?: WTFC ATM IV is at 25.20% with IV rank near 1.40%, 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.