WYNN Collar Strategy
WYNN (Wynn Resorts, Limited), in the Consumer Cyclical sector, (Gambling, Resorts & Casinos industry), listed on NASDAQ.
Wynn Resorts, Limited designs, develops, and operates integrated resorts. Its Wynn Palace segment operates 424,000 square feet of casino space with 323 table games, 1,035 slot machines, private gaming salons, and sky casinos; a luxury hotel tower with 1,706 guest rooms, suites, and villas, including a health club, spa, salon, and pool; 14 food and beverage outlets; 107,000 square feet of retail space; 37,000 square feet of meeting and convention space; and performance lake and floral art displays. Its Wynn Macau segment operates 252,000 square feet of casino space with 331 table games, 818 slot machines, private gaming salons, sky casinos, and a poker room; two luxury hotel towers with 1,010 guest rooms and suites that include two health clubs, two spas, a salon, and a pool; 14 food and beverage outlets; 59,000 square feet of retail space; 31,000 square feet of meeting and convention space; and Chinese zodiac-inspired ceiling attractions. Its Las Vegas Operations segment operates 194,000 square feet of casino space with 223 table games, 1,751 slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book; two luxury hotel towers with 4,748 guest rooms, suites, and villas, including swimming pools, private cabanas, two full service spas and salons, and a wedding chapel; 32 food and beverage outlets; 513,000 square feet of meeting and convention space; 155,000 square feet of retail space; and two theaters, three nightclubs and a beach club. Its Encore Boston Harbor segment operates 211,000 square feet of casino space with 184 table games, 2,766 slot machines, gaming areas, and a poker room; a luxury hotel tower with 671 guest rooms and suites, including a spa and salon; 15 food and beverage outlets and a nightclub; 10,000 square feet of retail space; 71,000 square feet of meeting and convention space; and a waterfront park, floral displays, and water shuttle service. The company was founded in 2002 and is based in Las Vegas, Nevada.
WYNN (Wynn Resorts, Limited) trades in the Consumer Cyclical sector, specifically Gambling, Resorts & Casinos, with a market capitalization of approximately $9.99B, a trailing P/E of 26.44, a beta of 1.01 versus the broader market, a 52-week range of 82.63-134.72, average daily share volume of 1.7M, a public-listing history dating back to 2002, approximately 28K full-time employees. These structural characteristics shape how WYNN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.01 places WYNN roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. WYNN pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on WYNN?
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 WYNN snapshot
As of May 15, 2026, spot at $95.51, ATM IV 36.39%, IV rank 32.23%, expected move 10.43%. The collar on WYNN 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 28-day expiry.
Why this collar structure on WYNN specifically: IV regime affects collar pricing on both sides; mid-range WYNN IV at 36.39% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 10.43% (roughly $9.96 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated WYNN expiries trade a higher absolute premium for lower per-day decay. Position sizing on WYNN should anchor to the underlying notional of $95.51 per share and to the trader's directional view on WYNN stock.
WYNN collar setup
The WYNN 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 WYNN near $95.51, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WYNN chain at a 28-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 WYNN shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $95.51 | long |
| Sell 1 | Call | $100.00 | $2.07 |
| Buy 1 | Put | $91.00 | $2.06 |
WYNN collar risk and reward
- Net Premium / Debit
- -$9,549.50
- Max Profit (per contract)
- $450.50
- Max Loss (per contract)
- -$449.50
- Breakeven(s)
- $95.50
- Risk / Reward Ratio
- 1.002
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.
WYNN collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on WYNN. 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% | -$449.50 |
| $21.13 | -77.9% | -$449.50 |
| $42.24 | -55.8% | -$449.50 |
| $63.36 | -33.7% | -$449.50 |
| $84.48 | -11.6% | -$449.50 |
| $105.59 | +10.6% | +$450.50 |
| $126.71 | +32.7% | +$450.50 |
| $147.83 | +54.8% | +$450.50 |
| $168.94 | +76.9% | +$450.50 |
| $190.06 | +99.0% | +$450.50 |
When traders use collar on WYNN
Collars on WYNN hedge an existing long WYNN 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.
WYNN thesis for this collar
The market-implied 1-standard-deviation range for WYNN extends from approximately $85.55 on the downside to $105.47 on the upside. A WYNN collar hedges an existing long WYNN 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 WYNN IV rank near 32.23% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on WYNN should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, WYNN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WYNN-specific events.
WYNN 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. WYNN positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WYNN alongside the broader basket even when WYNN-specific fundamentals are unchanged. Always rebuild the position from current WYNN chain quotes before placing a trade.
Frequently asked questions
- What is a collar on WYNN?
- A collar on WYNN is the collar strategy applied to WYNN (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 WYNN stock trading near $95.51, the strikes shown on this page are snapped to the nearest listed WYNN chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are WYNN 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 WYNN collar priced from the end-of-day chain at a 30-day expiry (ATM IV 36.39%), the computed maximum profit is $450.50 per contract and the computed maximum loss is -$449.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WYNN collar?
- The breakeven for the WYNN collar priced on this page is roughly $95.50 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 WYNN market-implied 1-standard-deviation expected move is approximately 10.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on WYNN?
- Collars on WYNN hedge an existing long WYNN 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 WYNN implied volatility affect this collar?
- WYNN ATM IV is at 36.39% with IV rank near 32.23%, 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.