AGQ Bull Call Spread Strategy
AGQ (ProShares - Ultra Silver), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.
ProShares Ultra Silver aims to deliver daily returns that mirror double (2x) the daily movements of the Bloomberg Silver Subindex. This calculation is made prior to the deduction of any fees or operational costs.
AGQ (ProShares - Ultra Silver) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $1.43B, a beta of 0.97 versus the broader market, a 52-week range of 49.67-431.47, average daily share volume of 3.0M, a public-listing history dating back to 2008. These structural characteristics shape how AGQ etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.97 places AGQ roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bull call spread on AGQ?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
AGQ snapshot
As of August 14, 2026, spot at $79.41, ATM IV 80.61%, IV rank 20.19%, expected move 23.11%. The bull call spread on AGQ below is built from the August 14, 2026 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 bull call spread structure on AGQ specifically: AGQ IV at 80.61% is on the cheap side of its 1-year range, which favors premium-buying structures like a AGQ bull call spread, with a market-implied 1-standard-deviation move of approximately 23.11% (roughly $18.35 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 AGQ expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGQ should anchor to the underlying notional of $79.41 per share and to the trader's directional view on AGQ etf.
AGQ bull call spread setup
The AGQ bull call spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AGQ at $79.41 on that close, the first option leg uses a $79.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGQ 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 AGQ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $79.00 | $7.90 |
| Sell 1 | Call | $83.50 | $5.40 |
AGQ bull call spread risk and reward
- Net Premium / Debit
- -$250.00
- Max Profit (per contract)
- $200.00
- Max Loss (per contract)
- -$250.00
- Breakeven(s)
- $81.50
- Risk / Reward Ratio
- 0.800
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
AGQ bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on AGQ. 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% | -$250.00 |
| $17.57 | -77.9% | -$250.00 |
| $35.12 | -55.8% | -$250.00 |
| $52.68 | -33.7% | -$250.00 |
| $70.24 | -11.6% | -$250.00 |
| $87.79 | +10.6% | +$200.00 |
| $105.35 | +32.7% | +$200.00 |
| $122.91 | +54.8% | +$200.00 |
| $140.47 | +76.9% | +$200.00 |
| $158.02 | +99.0% | +$200.00 |
When traders use bull call spread on AGQ
Bull call spreads on AGQ reduce the cost of a bullish AGQ etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
AGQ thesis for this bull call spread
The market-implied 1-standard-deviation range for AGQ extends from approximately $61.06 on the downside to $97.76 on the upside. A AGQ bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on AGQ, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current AGQ IV rank near 20.19% 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 AGQ at 80.61%. As a Financial Services name, AGQ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGQ-specific events.
AGQ bull call spread positions are structurally moderately bullish; 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. AGQ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AGQ alongside the broader basket even when AGQ-specific fundamentals are unchanged. Long-premium structures like a bull call spread on AGQ are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current AGQ chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on AGQ?
- A bull call spread on AGQ is the bull call spread strategy applied to AGQ (etf). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With AGQ etf at $79.41 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed AGQ chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AGQ bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the AGQ bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 80.61%), the computed maximum profit is $200.00 per contract and the computed maximum loss is -$250.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AGQ bull call spread?
- The breakeven for the AGQ bull call spread priced on this page is roughly $81.50 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The AGQ market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.11%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on AGQ?
- Bull call spreads on AGQ reduce the cost of a bullish AGQ etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current AGQ implied volatility affect this bull call spread?
- AGQ ATM IV is at 80.61% with IV rank near 20.19%, 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.