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15-min delayed
Strategy · Live on SPY $652.40
Collar
intermediateconservative riskOwn stock, buy a protective put, sell a call to pay for it. Capped upside and downside.
Payoff workbench
Collar on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▲ +$6,725
in profitposition working
Profitable zone — P&L +$6,720 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Cost to open
−$35
net across 2 option legs
Your P/L at $726
+$6,725
at the dragged expiry price
Break-even
$652.75
Max loss
−$6,275
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY puts · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Long 100 shares
Full equity position
Long 1 put · $590 · 30d
Cost −$95
Short 1 call · $720 · 30d
Premium +$60
Result
Collar
Bounded P&L: loss floor at $90, gain cap at $110, net $30 credit.
Pairs well with
Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.