How are HDGE 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 HDGE bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.00%), the computed maximum profit is $68.00 per contract and the computed maximum loss is -$32.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a HDGE bull call spread?

The breakeven for the HDGE bull call spread priced on this page is roughly $14.32 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 HDGE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.30%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

HDGE ATM IV is at 15.00% with IV rank near 2.86%, 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.

HDGE Bull Call Spread Strategy

HDGE (AdvisorShares Ranger Equity Bear ETF), in the Financial Services sector, (Asset Management industry), listed on AMEX.

To fulfill its investment mandate, the Sub-Advisor systematically takes short positions in a carefully selected portfolio. This portfolio primarily consists of highly liquid U.S. exchange-traded instruments, encompassing mid- and large-capitalization equity securities, ETFs, ETNs, and other similar products. A significant portion—at least 80%—of the fund's net assets, along with any capital leveraged for investment purposes, is dedicated to these short equity exposures. The Sub-Advisor employs a rigorous, bottom-up, fundamental research-driven methodology when selecting individual securities.

HDGE (AdvisorShares Ranger Equity Bear ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $62.0M, a beta of -1.13 versus the broader market, a 52-week range of 14.16-18.45, average daily share volume of 106K, a public-listing history dating back to 2011. These structural characteristics shape how HDGE etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.13 indicates HDGE has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. HDGE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bull call spread on HDGE?

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.

HDGE snapshot

As of August 14, 2026, spot at $14.09, ATM IV 15.00%, IV rank 2.86%, expected move 4.30%. The bull call spread on HDGE 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 7-day expiry.

Why this bull call spread structure on HDGE specifically: HDGE IV at 15.00% is on the cheap side of its 1-year range, which favors premium-buying structures like a HDGE bull call spread, with a market-implied 1-standard-deviation move of approximately 4.30% (roughly $0.61 on the underlying). The 7-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HDGE expiries trade a higher absolute premium for lower per-day decay. Position sizing on HDGE should anchor to the underlying notional of $14.09 per share and to the trader's directional view on HDGE etf.

HDGE bull call spread setup

The HDGE 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 HDGE at $14.09 on that close, the first option leg uses a $14.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HDGE chain at a 7-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 HDGE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$14.00	$0.39
Sell 1	Call	$15.00	$0.07

HDGE bull call spread risk and reward

Net Premium / Debit: -$32.00
Max Profit (per contract): $68.00
Max Loss (per contract): -$32.00
Breakeven(s): $14.32
Risk / Reward Ratio: 2.125

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.

HDGE bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on HDGE. 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	-99.9%	-$32.00
$3.12	-77.8%	-$32.00
$6.24	-55.7%	-$32.00
$9.35	-33.6%	-$32.00
$12.47	-11.5%	-$32.00
$15.58	+10.6%	+$68.00
$18.70	+32.7%	+$68.00
$21.81	+54.8%	+$68.00
$24.92	+76.9%	+$68.00
$28.04	+99.0%	+$68.00

When traders use bull call spread on HDGE

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

HDGE thesis for this bull call spread

The market-implied 1-standard-deviation range for HDGE extends from approximately $13.48 on the downside to $14.70 on the upside. A HDGE bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on HDGE, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current HDGE IV rank near 2.86% 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 HDGE at 15.00%. As a Financial Services name, HDGE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HDGE-specific events.

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

Frequently asked questions

What is a bull call spread on HDGE?: A bull call spread on HDGE is the bull call spread strategy applied to HDGE (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 HDGE etf at $14.09 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed HDGE chain strike and the premiums come straight from that session's bid/ask midpoint.
How are HDGE 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 HDGE bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 15.00%), the computed maximum profit is $68.00 per contract and the computed maximum loss is -$32.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a HDGE bull call spread?: The breakeven for the HDGE bull call spread priced on this page is roughly $14.32 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 HDGE market-implied 1-standard-deviation expected move in the same options snapshot is approximately 4.30%; 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 HDGE?: Bull call spreads on HDGE reduce the cost of a bullish HDGE 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 HDGE implied volatility affect this bull call spread?: HDGE ATM IV is at 15.00% with IV rank near 2.86%, 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.