How are NVDD 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 NVDD bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 35.50%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NVDD bull call spread?

The breakeven for the NVDD bull call spread priced on this page is roughly $34.65 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current NVDD market-implied 1-standard-deviation expected move is approximately 10.18%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

NVDD ATM IV is at 35.50% with IV rank near 3.66%, 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.

NVDD Bull Call Spread Strategy

NVDD (Direxion Daily NVDA Bear 1X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on NASDAQ.

These Direxion Daily ETFs are designed to provide daily investment outcomes linked to the performance of NVIDIA Corporation's (NASDAQ: NVDA) common shares, before accounting for fees and expenses. Specifically, the Direxion Daily NVDA Bear 1X ETF (NVDD) aims for daily results reflecting 100% of the opposite movement of NVIDIA's stock, while the Direxion Daily NVDA Bull 2X ETF (NVDU) targets daily returns that are 200% of NVIDIA's stock performance.

NVDD (Direxion Daily NVDA Bear 1X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $23.9M, a beta of -1.62 versus the broader market, a 52-week range of 29.405-48.5, average daily share volume of 145K, a public-listing history dating back to 2023. These structural characteristics shape how NVDD etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -1.62 indicates NVDD has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. NVDD 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 NVDD?

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.

Current NVDD snapshot

As of June 30, 2026, spot at $34.20, ATM IV 35.50%, IV rank 3.66%, expected move 10.18%. The bull call spread on NVDD below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 17-day expiry.

Why this bull call spread structure on NVDD specifically: NVDD IV at 35.50% is on the cheap side of its 1-year range, which favors premium-buying structures like a NVDD bull call spread, with a market-implied 1-standard-deviation move of approximately 10.18% (roughly $3.48 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NVDD expiries trade a higher absolute premium for lower per-day decay. Position sizing on NVDD should anchor to the underlying notional of $34.20 per share and to the trader's directional view on NVDD etf.

NVDD bull call spread setup

The NVDD bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With NVDD near $34.20, the first option leg uses a $34.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NVDD chain at a 17-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 NVDD shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$34.00	$1.35
Sell 1	Call	$36.00	$0.70

NVDD bull call spread risk and reward

Net Premium / Debit: -$65.00
Max Profit (per contract): $135.00
Max Loss (per contract): -$65.00
Breakeven(s): $34.65
Risk / Reward Ratio: 2.077

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.

NVDD bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on NVDD. 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%	-$65.00
$7.57	-77.9%	-$65.00
$15.13	-55.8%	-$65.00
$22.69	-33.6%	-$65.00
$30.25	-11.5%	-$65.00
$37.81	+10.6%	+$135.00
$45.37	+32.7%	+$135.00
$52.93	+54.8%	+$135.00
$60.50	+76.9%	+$135.00
$68.06	+99.0%	+$135.00

When traders use bull call spread on NVDD

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

NVDD thesis for this bull call spread

The market-implied 1-standard-deviation range for NVDD extends from approximately $30.72 on the downside to $37.68 on the upside. A NVDD bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on NVDD, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NVDD IV rank near 3.66% 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 NVDD at 35.50%. As a Financial Services name, NVDD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NVDD-specific events.

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

Frequently asked questions

What is a bull call spread on NVDD?: A bull call spread on NVDD is the bull call spread strategy applied to NVDD (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 NVDD etf trading near $34.20, the strikes shown on this page are snapped to the nearest listed NVDD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NVDD 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 NVDD bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 35.50%), the computed maximum profit is $135.00 per contract and the computed maximum loss is -$65.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NVDD bull call spread?: The breakeven for the NVDD bull call spread priced on this page is roughly $34.65 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current NVDD market-implied 1-standard-deviation expected move is approximately 10.18%; 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 NVDD?: Bull call spreads on NVDD reduce the cost of a bullish NVDD 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 NVDD implied volatility affect this bull call spread?: NVDD ATM IV is at 35.50% with IV rank near 3.66%, 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.