How are TNA 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 TNA bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.48%), the computed maximum profit is $225.50 per contract and the computed maximum loss is -$174.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TNA bull call spread?

The breakeven for the TNA bull call spread priced on this page is roughly $78.75 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 TNA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.61%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TNA ATM IV is at 47.48% with IV rank near 1.38%, 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.

TNA Bull Call Spread Strategy

TNA (Direxion Daily Small Cap Bull 3X ETF), in the Financial Services sector, (Asset Management - Leveraged industry), listed on AMEX.

These Direxion Daily Small Cap Bull and Bear 3X ETFs aim to generate daily investment outcomes that track either 300% of the Russell 2000 Index's performance or 300% of its inverse (opposite) movement, all prior to the deduction of fees and expenses. However, the funds cannot guarantee that they will successfully achieve their specified investment goals.

TNA (Direxion Daily Small Cap Bull 3X ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $2.56B, a beta of 3.84 versus the broader market, a 52-week range of 36.27-76.84, average daily share volume of 6.6M, a public-listing history dating back to 2008. These structural characteristics shape how TNA etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.84 indicates TNA has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TNA 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 TNA?

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.

TNA snapshot

As of August 14, 2026, spot at $77.09, ATM IV 47.48%, IV rank 1.38%, expected move 13.61%. The bull call spread on TNA 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 TNA specifically: TNA IV at 47.48% is on the cheap side of its 1-year range, which favors premium-buying structures like a TNA bull call spread, with a market-implied 1-standard-deviation move of approximately 13.61% (roughly $10.49 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 TNA expiries trade a higher absolute premium for lower per-day decay. Position sizing on TNA should anchor to the underlying notional of $77.09 per share and to the trader's directional view on TNA etf.

TNA bull call spread setup

The TNA 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 TNA at $77.09 on that close, the first option leg uses a $77.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TNA 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 TNA shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$77.00	$3.85
Sell 1	Call	$81.00	$2.11

TNA bull call spread risk and reward

Net Premium / Debit: -$174.50
Max Profit (per contract): $225.50
Max Loss (per contract): -$174.50
Breakeven(s): $78.75
Risk / Reward Ratio: 1.292

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.

TNA bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on TNA. 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%	-$174.50
$17.05	-77.9%	-$174.50
$34.10	-55.8%	-$174.50
$51.14	-33.7%	-$174.50
$68.19	-11.6%	-$174.50
$85.23	+10.6%	+$225.50
$102.27	+32.7%	+$225.50
$119.32	+54.8%	+$225.50
$136.36	+76.9%	+$225.50
$153.41	+99.0%	+$225.50

When traders use bull call spread on TNA

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

TNA thesis for this bull call spread

The market-implied 1-standard-deviation range for TNA extends from approximately $66.60 on the downside to $87.58 on the upside. A TNA bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TNA, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TNA IV rank near 1.38% 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 TNA at 47.48%. As a Financial Services name, TNA options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TNA-specific events.

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

Frequently asked questions

What is a bull call spread on TNA?: A bull call spread on TNA is the bull call spread strategy applied to TNA (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 TNA etf at $77.09 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed TNA chain strike and the premiums come straight from that session's bid/ask midpoint.
How are TNA 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 TNA bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 47.48%), the computed maximum profit is $225.50 per contract and the computed maximum loss is -$174.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TNA bull call spread?: The breakeven for the TNA bull call spread priced on this page is roughly $78.75 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 TNA market-implied 1-standard-deviation expected move in the same options snapshot is approximately 13.61%; 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 TNA?: Bull call spreads on TNA reduce the cost of a bullish TNA 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 TNA implied volatility affect this bull call spread?: TNA ATM IV is at 47.48% with IV rank near 1.38%, 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.