How are TSLR 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 TSLR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 88.80%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a TSLR bull call spread?

The breakeven for the TSLR bull call spread priced on this page is roughly $25.25 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 TSLR market-implied 1-standard-deviation expected move is approximately 25.46%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

TSLR ATM IV is at 88.80% with IV rank near 30.67%, 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.

TSLR Bull Call Spread Strategy

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

This GraniteShares ETF (TSLR) aims to deliver daily investment returns that, before accounting for fees and expenses, are two times (200%) the daily percentage fluctuation of Tesla Inc.'s common stock (TSLA). However, the fund's ability to consistently achieve this stated objective is not guaranteed. Furthermore, it's crucial to understand that the fund is not intended to deliver two times the cumulative return of TSLA when held for periods longer than a single trading day.

TSLR (GraniteShares 2x Long TSLA Daily ETF) trades in the Financial Services sector, specifically Asset Management - Leveraged, with a market capitalization of approximately $82.7M, a beta of 3.32 versus the broader market, a 52-week range of 15.391-39.54, average daily share volume of 2.2M, a public-listing history dating back to 2023. These structural characteristics shape how TSLR etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 3.32 indicates TSLR 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 TSLR?

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 TSLR snapshot

As of June 30, 2026, spot at $24.59, ATM IV 88.80%, IV rank 30.67%, expected move 25.46%. The bull call spread on TSLR 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 TSLR specifically: TSLR IV at 88.80% 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 25.46% (roughly $6.26 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 TSLR expiries trade a higher absolute premium for lower per-day decay. Position sizing on TSLR should anchor to the underlying notional of $24.59 per share and to the trader's directional view on TSLR etf.

TSLR bull call spread setup

The TSLR 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 TSLR near $24.59, the first option leg uses a $25.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TSLR 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 TSLR shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$25.00	$1.60
Sell 1	Call	$26.00	$1.35

TSLR bull call spread risk and reward

Net Premium / Debit: -$25.00
Max Profit (per contract): $75.00
Max Loss (per contract): -$25.00
Breakeven(s): $25.25
Risk / Reward Ratio: 3.000

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.

TSLR bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on TSLR. 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%	-$25.00
$5.45	-77.9%	-$25.00
$10.88	-55.7%	-$25.00
$16.32	-33.6%	-$25.00
$21.75	-11.5%	-$25.00
$27.19	+10.6%	+$75.00
$32.63	+32.7%	+$75.00
$38.06	+54.8%	+$75.00
$43.50	+76.9%	+$75.00
$48.93	+99.0%	+$75.00

When traders use bull call spread on TSLR

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

TSLR thesis for this bull call spread

The market-implied 1-standard-deviation range for TSLR extends from approximately $18.33 on the downside to $30.85 on the upside. A TSLR bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TSLR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TSLR IV rank near 30.67% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on TSLR should anchor more to the directional view and the expected-move geometry. As a Financial Services name, TSLR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TSLR-specific events.

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

Frequently asked questions

What is a bull call spread on TSLR?: A bull call spread on TSLR is the bull call spread strategy applied to TSLR (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 TSLR etf trading near $24.59, the strikes shown on this page are snapped to the nearest listed TSLR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TSLR 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 TSLR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 88.80%), the computed maximum profit is $75.00 per contract and the computed maximum loss is -$25.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TSLR bull call spread?: The breakeven for the TSLR bull call spread priced on this page is roughly $25.25 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 TSLR market-implied 1-standard-deviation expected move is approximately 25.46%; 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 TSLR?: Bull call spreads on TSLR reduce the cost of a bullish TSLR 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 TSLR implied volatility affect this bull call spread?: TSLR ATM IV is at 88.80% with IV rank near 30.67%, 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.