How are DAT 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 DAT bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.90%), the computed maximum profit is $134.50 per contract and the computed maximum loss is -$65.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DAT bull call spread?

The breakeven for the DAT bull call spread priced on this page is roughly $50.66 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 DAT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.86%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

How does current DAT implied volatility affect this bull call spread?

DAT ATM IV is at 30.90% with IV rank near 11.18%, 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.

DAT Bull Call Spread Strategy

DAT (ProShares - Big Data Refiners ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

The ProShares - Big Data Refiners ETF aims to mirror the performance of an underlying index, with its portfolio choices guided by ProShare Advisors. This benchmark index is composed of companies that offer analytical tools and foundational infrastructure for processing and deriving insights from extensive data sets. The fund achieves its objective by employing a full replication strategy, investing directly in essentially all of the index's constituent securities at similar proportional weights. This investment vehicle is designated as non-diversified.

DAT (ProShares - Big Data Refiners ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $5.8M, a beta of 1.42 versus the broader market, a 52-week range of 31.875-49.92, average daily share volume of 3K, a public-listing history dating back to 2021. These structural characteristics shape how DAT etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.42 indicates DAT 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 bull call spread on DAT?

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.

DAT snapshot

As of August 14, 2026, spot at $49.98, ATM IV 30.90%, IV rank 11.18%, expected move 8.86%. The bull call spread on DAT 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 35-day expiry.

Why this bull call spread structure on DAT specifically: DAT IV at 30.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a DAT bull call spread, with a market-implied 1-standard-deviation move of approximately 8.86% (roughly $4.43 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DAT expiries trade a higher absolute premium for lower per-day decay. Position sizing on DAT should anchor to the underlying notional of $49.98 per share and to the trader's directional view on DAT etf.

DAT bull call spread setup

The DAT 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 DAT at $49.98 on that close, the first option leg uses a $50.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DAT chain at a 35-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 DAT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$50.00	$1.83
Sell 1	Call	$52.00	$1.17

DAT bull call spread risk and reward

Net Premium / Debit: -$65.50
Max Profit (per contract): $134.50
Max Loss (per contract): -$65.50
Breakeven(s): $50.66
Risk / Reward Ratio: 2.053

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.

DAT bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on DAT. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$65.50
$11.06	-77.9%	-$65.50
$22.11	-55.8%	-$65.50
$33.16	-33.7%	-$65.50
$44.21	-11.5%	-$65.50
$55.26	+10.6%	+$134.50
$66.31	+32.7%	+$134.50
$77.36	+54.8%	+$134.50
$88.41	+76.9%	+$134.50
$99.46	+99.0%	+$134.50

When traders use bull call spread on DAT

Bull call spreads on DAT reduce the cost of a bullish DAT etf position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.

DAT thesis for this bull call spread

The market-implied 1-standard-deviation range for DAT extends from approximately $45.55 on the downside to $54.41 on the upside. A DAT bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on DAT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current DAT IV rank near 11.18% 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 DAT at 30.90%. As a Financial Services name, DAT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DAT-specific events.

DAT 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. DAT positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DAT alongside the broader basket even when DAT-specific fundamentals are unchanged. Long-premium structures like a bull call spread on DAT 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 DAT chain quotes before placing a trade.

Frequently asked questions

What is a bull call spread on DAT?: A bull call spread on DAT is the bull call spread strategy applied to DAT (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 DAT etf at $49.98 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DAT chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DAT 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 DAT bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 30.90%), the computed maximum profit is $134.50 per contract and the computed maximum loss is -$65.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DAT bull call spread?: The breakeven for the DAT bull call spread priced on this page is roughly $50.66 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 DAT market-implied 1-standard-deviation expected move in the same options snapshot is approximately 8.86%; 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 DAT?: Bull call spreads on DAT reduce the cost of a bullish DAT 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 DAT implied volatility affect this bull call spread?: DAT ATM IV is at 30.90% with IV rank near 11.18%, 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.