1. Is it possible/allowed to have a collar with same strike price? Occasionally, I've noticed some options with calls being more expensive than puts. Example: XYZ trading at 50.35; Buy 100 shares, Buy 1 Put, and Sell 1 covered call; earn .50 credit. XYZ 50 Put 1.50 XYX 50 Call 2.00 If stock below 50 at expiration, exercise the put; profit= +2.00 -1.50 -.35 (loss on stock) = .15 If stock is above 50, stock is called at away and sold at 50, profit = profit= +2.00 -1.50 -.35 (loss on stock) = .15 Am I missing something here? 2. How would you find stocks with call options selling for more than puts?
This is a conversion. You have to include the cost of interest carry and dividends. You are locking up that net cash of 49.85 for how many days? One month at 5% is about $0.205.
Perhaps you should review the concept of moneyness. A good half of the calls on the option chain are more expensive than same-strike puts; this should not be a surprise to anyone who knows even the basics of options. E.g., in your example, the 50C is ITM by 0.35, so it has that much intrinsic value - while the 50P is OTM and has an intrinsic value of 0. The further ITM you go on the call side (with a corresponding rise in intrinsic), the further OTM you are on the put side, and the greater the price difference in favor of calls.
If both strikes are equal then the result is a constant, either positive or negative or 0. In this case +0.15, regardless of the price of the underlying at expiration, as can be read from this P/L diagram: https://optioncreator.com/stpq0sp In such positive cases one can call it an arbitrage, IMO. By using an options scanner/screener that scans all or a subset of the options of a watchlist of tickers; ie. by using some scan filters... There are some online scanners, see for example that of YahooFinance. But it seems the option scanner there no longer exist; it was under this link I think https://finance.yahoo.com/screener?.tsrc=fin-srch Here's such a scanner, but I'm not sure if it's possible to search for the criteria you are interested in: https://www.optionvisualizer.com/option-screener Best is, write your own scanner , if possible. You need to get the data and write the scanner program, or find someone who does it for you. I can write a scanner for you if you can afford 10 grands , takes about 2 to 3 weeks, but don't expect any comfortable GUI b/c it's just output to files and the console .Of course you also have to pay the data vendor (recurring monthly payments depending on data volume and age/frequency of the data you need).