AGL Bull Call Spread Strategy
AGL (Agilon Health, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NYSE.
Agilon Health, Inc. provides healthcare solutions specifically designed for older adults, delivered through local primary care physicians throughout the United States. As of December 31, 2021, the company served an approximate total of 238,000 senior clients. This figure included 186,300 individuals enrolled in Medicare Advantage plans and 51,700 recipients of Medicare fee-for-service benefits. The enterprise, which commenced operations in 2016, was initially incorporated as Agilon Health Topco, Inc. before rebranding to its current name, agilon health, inc., in March 2021. Its corporate headquarters are situated in Austin, Texas.
AGL (Agilon Health, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $1.62B, a beta of 3.05 versus the broader market, a 52-week range of 7.48-133.04, average daily share volume of 410K, a public-listing history dating back to 2021, approximately 856 full-time employees. These structural characteristics shape how AGL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.05 indicates AGL has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. AGL 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 AGL?
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.
AGL snapshot
As of August 14, 2026, spot at $95.85, ATM IV 85.80%, IV rank 14.49%, expected move 24.60%. The bull call spread on AGL 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 35-day expiry.
Why this bull call spread structure on AGL specifically: AGL IV at 85.80% is on the cheap side of its 1-year range, which favors premium-buying structures like a AGL bull call spread, with a market-implied 1-standard-deviation move of approximately 24.60% (roughly $23.58 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AGL expiries trade a higher absolute premium for lower per-day decay. Position sizing on AGL should anchor to the underlying notional of $95.85 per share and to the trader's directional view on AGL stock.
AGL bull call spread setup
The AGL 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 AGL at $95.85 on that close, the first option leg uses a $95.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AGL chain at a 35-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 AGL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $95.00 | $11.10 |
| Sell 1 | Call | $100.00 | $8.80 |
AGL bull call spread risk and reward
- Net Premium / Debit
- -$230.00
- Max Profit (per contract)
- $270.00
- Max Loss (per contract)
- -$230.00
- Breakeven(s)
- $97.30
- Risk / Reward Ratio
- 1.174
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.
AGL bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on AGL. 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% | -$230.00 |
| $21.20 | -77.9% | -$230.00 |
| $42.39 | -55.8% | -$230.00 |
| $63.59 | -33.7% | -$230.00 |
| $84.78 | -11.6% | -$230.00 |
| $105.97 | +10.6% | +$270.00 |
| $127.16 | +32.7% | +$270.00 |
| $148.35 | +54.8% | +$270.00 |
| $169.54 | +76.9% | +$270.00 |
| $190.74 | +99.0% | +$270.00 |
When traders use bull call spread on AGL
Bull call spreads on AGL reduce the cost of a bullish AGL stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
AGL thesis for this bull call spread
The market-implied 1-standard-deviation range for AGL extends from approximately $72.27 on the downside to $119.43 on the upside. A AGL bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on AGL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current AGL IV rank near 14.49% 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 AGL at 85.80%. As a Healthcare name, AGL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AGL-specific events.
AGL 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. AGL positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AGL alongside the broader basket even when AGL-specific fundamentals are unchanged. Long-premium structures like a bull call spread on AGL 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 AGL chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on AGL?
- A bull call spread on AGL is the bull call spread strategy applied to AGL (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 AGL stock at $95.85 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed AGL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are AGL 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 AGL bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 85.80%), the computed maximum profit is $270.00 per contract and the computed maximum loss is -$230.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AGL bull call spread?
- The breakeven for the AGL bull call spread priced on this page is roughly $97.30 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 AGL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.60%; 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 AGL?
- Bull call spreads on AGL reduce the cost of a bullish AGL 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 AGL implied volatility affect this bull call spread?
- AGL ATM IV is at 85.80% with IV rank near 14.49%, 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.