How are DLLL 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 DLLL bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 157.70%), the computed maximum profit is $125.00 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DLLL bull call spread?

The breakeven for the DLLL bull call spread priced on this page is roughly $29.75 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 DLLL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 45.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

DLLL ATM IV is at 157.70% with IV rank near 61.32%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.

DLLL Bull Call Spread Strategy

DLLL (GraniteShares 2x Long DELL Daily ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

This ETF aims to deliver daily investment returns, prior to the deduction of fees and expenses, that are double (200%) the daily percentage fluctuation of Dell Technologies Inc.'s common stock (NASDAQ: DELL). It is important to understand that there is no assurance the fund will consistently achieve this target. Furthermore, investors should not anticipate that this fund will provide two times the cumulative return of DELL for holding periods extending beyond a single day.

DLLL (GraniteShares 2x Long DELL Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $144.9M, a beta of 7.46 versus the broader market, a 52-week range of 2.1675-30.62375, average daily share volume of 2.0M, a public-listing history dating back to 2025. These structural characteristics shape how DLLL etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 7.46 indicates DLLL 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 DLLL?

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.

DLLL snapshot

As of August 14, 2026, spot at $29.17, ATM IV 157.70%, IV rank 61.32%, expected move 45.21%. The bull call spread on DLLL 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 DLLL specifically: DLLL IV at 157.70% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 45.21% (roughly $13.19 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 DLLL expiries trade a higher absolute premium for lower per-day decay. Position sizing on DLLL should anchor to the underlying notional of $29.17 per share and to the trader's directional view on DLLL etf.

DLLL bull call spread setup

The DLLL 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 DLLL at $29.17 on that close, the first option leg uses a $29.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DLLL 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 DLLL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$29.00	$5.90
Sell 1	Call	$31.00	$5.15

DLLL bull call spread risk and reward

Net Premium / Debit: -$75.00
Max Profit (per contract): $125.00
Max Loss (per contract): -$75.00
Breakeven(s): $29.75
Risk / Reward Ratio: 1.667

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.

DLLL bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on DLLL. 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%	-$75.00
$6.46	-77.9%	-$75.00
$12.91	-55.8%	-$75.00
$19.36	-33.6%	-$75.00
$25.80	-11.5%	-$75.00
$32.25	+10.6%	+$125.00
$38.70	+32.7%	+$125.00
$45.15	+54.8%	+$125.00
$51.60	+76.9%	+$125.00
$58.05	+99.0%	+$125.00

When traders use bull call spread on DLLL

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

DLLL thesis for this bull call spread

The market-implied 1-standard-deviation range for DLLL extends from approximately $15.98 on the downside to $42.36 on the upside. A DLLL bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on DLLL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current DLLL IV rank near 61.32% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on DLLL should anchor more to the directional view and the expected-move geometry. As a Financial Services name, DLLL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DLLL-specific events.

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

Frequently asked questions

What is a bull call spread on DLLL?: A bull call spread on DLLL is the bull call spread strategy applied to DLLL (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 DLLL etf at $29.17 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DLLL chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DLLL 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 DLLL bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 157.70%), the computed maximum profit is $125.00 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DLLL bull call spread?: The breakeven for the DLLL bull call spread priced on this page is roughly $29.75 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 DLLL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 45.21%; 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 DLLL?: Bull call spreads on DLLL reduce the cost of a bullish DLLL 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 DLLL implied volatility affect this bull call spread?: DLLL ATM IV is at 157.70% with IV rank near 61.32%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.