ZENA Collar Strategy
ZENA (ZenaTech, Inc.), in the Technology sector, (Aerospace & Defense industry), listed on NASDAQ.
ZenaTech, Inc., an enterprise software technology company, develops cloud-based software applications in Canada. It provides cloud-based enterprise software solutions for the medical records industry; software solutions for the automated facility management and center industry; safety and compliance management software and mobile solutions; field service management software and mobile solutions; browser-based enterprise software applications for public safety; and quantum computing solutions. The company also engages in the manufacturing, sale, and distribution of drones. ZenaTech, Inc. was formerly known as ZenaDrone, Inc. and changed its name to ZenaTech, Inc. on October 5, 2020. The company was incorporated in 2017 and is based in Vancouver, Canada.
ZENA (ZenaTech, Inc.) trades in the Technology sector, specifically Aerospace & Defense, with a market capitalization of approximately $39.8M, a beta of 7.02 versus the broader market, a 52-week range of 1.15-7.109, average daily share volume of 3.2M, a public-listing history dating back to 2024, approximately 30 full-time employees. These structural characteristics shape how ZENA stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 7.02 indicates ZENA 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 ZENA?
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 ZENA snapshot
As of June 29, 2026, spot at $1.56, ATM IV 112.90%, IV rank 25.94%, expected move 32.37%. The collar on ZENA 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 18-day expiry.
Why this collar structure on ZENA specifically: IV regime affects collar pricing on both sides; compressed ZENA IV at 112.90% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 32.37% (roughly $0.50 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ZENA expiries trade a higher absolute premium for lower per-day decay. Position sizing on ZENA should anchor to the underlying notional of $1.56 per share and to the trader's directional view on ZENA stock.
ZENA collar setup
The ZENA 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 ZENA near $1.56, the first option leg uses a $1.64 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ZENA chain at a 18-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 ZENA shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $1.56 | long |
| Sell 1 | Call | $1.64 | N/A |
| Buy 1 | Put | $1.48 | N/A |
ZENA 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.
ZENA collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on ZENA. 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 ZENA
Collars on ZENA hedge an existing long ZENA 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.
ZENA thesis for this collar
The market-implied 1-standard-deviation range for ZENA extends from approximately $1.06 on the downside to $2.06 on the upside. A ZENA collar hedges an existing long ZENA 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 ZENA IV rank near 25.94% 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 ZENA at 112.90%. As a Technology name, ZENA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ZENA-specific events.
ZENA 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. ZENA positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ZENA alongside the broader basket even when ZENA-specific fundamentals are unchanged. Always rebuild the position from current ZENA chain quotes before placing a trade.
Frequently asked questions
- What is a collar on ZENA?
- A collar on ZENA is the collar strategy applied to ZENA (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 ZENA stock trading near $1.56, the strikes shown on this page are snapped to the nearest listed ZENA chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ZENA 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 ZENA collar priced from the end-of-day chain at a 30-day expiry (ATM IV 112.90%), 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 ZENA collar?
- The breakeven for the ZENA 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 ZENA market-implied 1-standard-deviation expected move is approximately 32.37%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on ZENA?
- Collars on ZENA hedge an existing long ZENA 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 ZENA implied volatility affect this collar?
- ZENA ATM IV is at 112.90% with IV rank near 25.94%, 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.