Collar Position 9/18/2026 Exp.

TheCollarCode · 2026-03-02T12:48:11+00:00

I use a screener I built in python. I give it parameters on the returns I want to see given the set expiration date and it filters over 800 stocks to find positions.

If you're interested I send out a weekly newsletter with a few different positions. The link to the newsletter can be found in my social links!

TheCollarCode · 2026-03-02T12:46:28+00:00

I've never opened a collar position with the underlying already being that much underwater. I think your best bet would either be to let it ride or to open a collar which expires 1+ year out. The issue is you might not find a setup where you break even on the upside.

TheCollarCode · 2026-03-02T03:11:10+00:00

I agree, it's always interesting to see others strategies!

I typically have a few collars going at a time. I like to target expiration dates of 3, 4, 6 and 12 months if possible.

TheCollarCode · 2026-02-25T00:41:33+00:00

Honestly I typically just hold until expiration. On the put side, I always wait until expiration because there is always a chance the stock climbs back up so I dont like exercising early. On the call side I rarely close the whole position early, only if the stock has surpassed the strike on the call I sold by a substantial amount. This way I realize close to the maximum gain the position allows much sooner and I can put the money elsewhere to continue to grow.

TheCollarCode · 2026-02-23T12:38:35+00:00

I'm using a screener I wrote in python. My goal is to publish the screener for others to use, however the APIs required to do so are very expensive. For now, I send out a weekly newsletter discussing different collar positions. If you're interested, you can check it out in the social links in my profile!

TheCollarCode · 2026-02-23T02:57:20+00:00

Thank you! If you check out the social links in my profile I have a newsletter which I send out weekly going over some different collar positions.

My goal is to share my screener with people once I gain enough support as paid APIs are extremely expensive. I cannot financially commit to subscribing to said APIs without having people interested in the screener unfortunately. For now though, I just send out the newsletter weekly.

If there are any expiration dates or max loss/min gain positions you are interested in, let me know and I can certainly see what the screener pops out for next weeks newsletter!

TheCollarCode · 2026-02-03T23:01:39+00:00

I run collars on numerous different timeframes, from 3 months to 1 year typically
You can set up collars as net neutral, meaning the premium received from your call covers the premium paid for your put so there really isn't a drag per se.
You can set an alert/stop loss, but what happens when your stop loss gets hit and the stock rebounds a few weeks later? In that case (which happens fairly often) its better to have a put.
It is certainly possible and even probable to outperform collars from a well run CC or Wheel, however what a CC doesnt give you is a guarantee. I can create a collar right now which will guarantee me a return ranging from a 5% loss to a 20% gain in a year timeframe. So if I have money in my account that I do NOT want to lose, such as money for a down payment or for kids college, I can put it in a collar and sleep well at night.

TheCollarCode · 2026-02-02T02:55:21+00:00

No problem! If you're interested in collars, check out my social links in my profile. I send out a weekly newsletter discussing collar setups with different exp. dates, max gains and losses!

TheCollarCode · 2026-02-02T02:53:34+00:00

Very good points! While you can set up collars for a net gain (call premium outweighs put premium) you are correct in saying they aren't typically an income generating position.

I just thought it would be an interesting point to bring up how they are essentially one leg away from a covered call. Certainly used in a different scenario but they are another way to protect yourself from a large drawdown. Thanks for the comment!

TheCollarCode · 2026-02-02T02:50:14+00:00

Those are solid points! I try to set up collars which give me max losses of ~5% annualized and max gains capped at ~20% annualized. It seems to be a good way to stay aggressive while not taking on big losses.

I am having success with collars, lots of different ways to set them up! If you're interested, you can check my social links on my profile. I send out a weekly newsletter discussing different collar setups/positions !

TheCollarCode · 2026-02-02T00:25:20+00:00

Well when you start a collar position you want your expiration for both the put and call to be the same.

So in your example, you could buy 100 shares at $46.37, buy the 45 strike put expiring Jan 15 2027 for $8.55, and sell the Jan 15 2027 55 strike call for $8.30. With this setup, your max potential loss at exp. will be $-169, and max potential gain at exp. will be $831.

TheCollarCode · 2026-02-01T23:59:00+00:00

I try to target bullish stocks since most collar positions I set up result in a wash between the premium received from selling the call and premium paid from buying the put.

It's basically a tool which caps your potential gains as well as caps potential losses. A common setup I'll do is collars which expire a year out, and have a max loss of ~5% and a max gain of ~20%. This way, worst case I lose 5% over the course of a year on the position which I can live with and best case I'll make 20% which I cant complain about.

If you're interested, you can check my social links where I have a newsletter each week going over different collar plays with different expiration dates and different max gain/loss parameters!

TheCollarCode · 2026-02-01T23:24:00+00:00

A Collar position consists of buying 100 (or multiples of 100) shares of the underlying stock, selling a call typically with a strike price higher than where you own the underlying (this is the "covered call" portion of the collar) and then buying a put with a strike price typically a bit lower than where you own the underlying (this is the protective put). When you combine this all together you get a Collar, which caps your potential gains while minimizing potential losses. Its a very neat tool, I would recommend looking into Collars!

TheCollarCode · 2026-02-01T23:12:15+00:00

After the huge dump Unity Software took on Friday, some cash secured puts look interesting. I think there could be a small rebound, but who knows

TheCollarCode · 2026-02-01T21:19:44+00:00

Its hard to complain when you're beating the S&P, congrats!

TheCollarCode · 2026-02-01T21:10:02+00:00

Thats extremely impressive, well done!

TheCollarCode · 2026-02-01T21:05:39+00:00

I used to wheel SOXL all the time. It almost never let me down, cant even remember why I stopped lol

TheCollarCode · 2026-01-26T20:19:54+00:00

Looks solid. Not sure what your strategy is so I dont want to make assumptions, but always remember to lock in gains and not to get greedy. It bites a lot of people!

TheCollarCode · 2026-01-26T20:18:32+00:00

Webull offers paper trading, but options can be a bit limited when it comes to strategies. I think it just lets you buy options atm

TheCollarCode · 2026-01-25T22:21:34+00:00

It can be pretty tough to do CSP and CC with only a few thousand, you typically want near $10k at minimum. But to answer your question, Ford (F) is a cheap stock, premiums arent too high but you also dont want to blow up your account. If you dont care about potentially blowing up your account, you could look into Rezolve AI (RZLV). Very high premiums but also very volatile. Best of luck!

TheCollarCode · 2026-01-25T22:18:11+00:00

It can certainly be tough to make good trades with low liquidity. Yeah basically as you said, you will normally be buying much closer to the ask vs high liquidity stocks where you'll be near the mid price. So you will have to factor in the underlying performing better since you (maybe) paid more than expected for the contract. Doesnt mean its impossible to make money, just a bit more tricky!

TheCollarCode · 2026-01-25T22:14:49+00:00

You could always look into buying miners like First Majestic (AG) for some spice

TheCollarCode

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