ADSK Bull Call Spread Strategy
ADSK (Autodesk, Inc.), in the Technology sector, (Software - Application industry), listed on NASDAQ.
Autodesk, Inc. delivers advanced software and services for 3D design, engineering, and entertainment to a global clientele. Their diverse product line includes AutoCAD Civil 3D, a comprehensive solution for civil engineering tasks such as land development, transportation infrastructure, and environmental projects. For construction project management, they offer BIM 360, a cloud-based platform. Core design and drafting needs are met by AutoCAD and its specialized counterpart, AutoCAD LT. The company also provides CAM software, essential for computer numeric control (CNC) machining, inspection, and manufacturing modeling, alongside Fusion 360, an integrated platform for 3D CAD, CAM, and computer-aided engineering. Autodesk further provides curated Industry Collections, offering comprehensive toolsets for professionals in architecture, engineering, and construction (AEC), product design and manufacturing (PDM), and media and entertainment sectors.
ADSK (Autodesk, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $41.44B, a trailing P/E of 28.31, a beta of 1.30 versus the broader market, a 52-week range of 185.5-329.09, average daily share volume of 2.5M, a public-listing history dating back to 1985, approximately 15K full-time employees. These structural characteristics shape how ADSK stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.30 places ADSK roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a bull call spread on ADSK?
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 ADSK snapshot
As of June 30, 2026, spot at $194.29, ATM IV 43.11%, IV rank 62.99%, expected move 12.36%. The bull call spread on ADSK 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 31-day expiry.
Why this bull call spread structure on ADSK specifically: ADSK IV at 43.11% 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 12.36% (roughly $24.01 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ADSK expiries trade a higher absolute premium for lower per-day decay. Position sizing on ADSK should anchor to the underlying notional of $194.29 per share and to the trader's directional view on ADSK stock.
ADSK bull call spread setup
The ADSK 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 ADSK near $194.29, the first option leg uses a $195.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ADSK chain at a 31-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 ADSK shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $195.00 | $9.60 |
| Sell 1 | Call | $205.00 | $5.90 |
ADSK bull call spread risk and reward
- Net Premium / Debit
- -$370.00
- Max Profit (per contract)
- $630.00
- Max Loss (per contract)
- -$370.00
- Breakeven(s)
- $198.70
- Risk / Reward Ratio
- 1.703
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.
ADSK bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on ADSK. 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.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$370.00 |
| $42.97 | -77.9% | -$370.00 |
| $85.92 | -55.8% | -$370.00 |
| $128.88 | -33.7% | -$370.00 |
| $171.84 | -11.6% | -$370.00 |
| $214.80 | +10.6% | +$630.00 |
| $257.75 | +32.7% | +$630.00 |
| $300.71 | +54.8% | +$630.00 |
| $343.67 | +76.9% | +$630.00 |
| $386.63 | +99.0% | +$630.00 |
When traders use bull call spread on ADSK
Bull call spreads on ADSK reduce the cost of a bullish ADSK stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
ADSK thesis for this bull call spread
The market-implied 1-standard-deviation range for ADSK extends from approximately $170.28 on the downside to $218.30 on the upside. A ADSK bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ADSK, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ADSK IV rank near 62.99% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on ADSK should anchor more to the directional view and the expected-move geometry. As a Technology name, ADSK options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ADSK-specific events.
ADSK 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. ADSK positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ADSK alongside the broader basket even when ADSK-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ADSK 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 ADSK chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on ADSK?
- A bull call spread on ADSK is the bull call spread strategy applied to ADSK (stock). 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 ADSK stock trading near $194.29, the strikes shown on this page are snapped to the nearest listed ADSK chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ADSK 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 ADSK bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 43.11%), the computed maximum profit is $630.00 per contract and the computed maximum loss is -$370.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ADSK bull call spread?
- The breakeven for the ADSK bull call spread priced on this page is roughly $198.70 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 ADSK market-implied 1-standard-deviation expected move is approximately 12.36%; 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 ADSK?
- Bull call spreads on ADSK reduce the cost of a bullish ADSK stock 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 ADSK implied volatility affect this bull call spread?
- ADSK ATM IV is at 43.11% with IV rank near 62.99%, 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.