How are APT 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 APT bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 143.74%), the computed maximum profit is $32.50 per contract and the computed maximum loss is -$17.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a APT bull call spread?

The breakeven for the APT bull call spread priced on this page is roughly $5.68 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 APT market-implied 1-standard-deviation expected move is approximately 41.21%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

APT ATM IV is at 143.74% with IV rank near 26.23%, 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.

APT Bull Call Spread Strategy

APT (Alpha Pro Tech, Ltd.), in the Industrials sector, (Construction industry), listed on AMEX.

Alpha Pro Tech, Ltd., together with its subsidiaries, develops, manufactures, and markets a range of disposable protective apparel, infection control, and building supply products in the United States and internationally. The company operates through two segments, Disposable Protective Apparel and Building Supply. The Disposable Protective Apparel segment provides shoe covers, bouffant caps, coveralls, frocks, lab coats, and gowns, hoods, as well as face masks and shields. The Building Supply segment offers construction weatherization products, such as housewrap and housewrap accessories, including window and door flashing, and seam tape, and synthetic roof underlayment, as well as other woven material. The company markets its products under the Alpha Pro Tech brand name, as well as under private labels. Its products are used primarily in cleanrooms; industrial safety manufacturing environments; health care facilities, such as hospitals, laboratories, and dental offices; building and re-roofing sites.

APT (Alpha Pro Tech, Ltd.) trades in the Industrials sector, specifically Construction, with a market capitalization of approximately $62.1M, a trailing P/E of 17.02, a beta of 0.80 versus the broader market, a 52-week range of 4.25-7.5, average daily share volume of 73K, a public-listing history dating back to 1999, approximately 130 full-time employees. These structural characteristics shape how APT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.80 places APT 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 APT?

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 APT snapshot

As of May 15, 2026, spot at $5.58, ATM IV 143.74%, IV rank 26.23%, expected move 41.21%. The bull call spread on APT 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 14-day expiry.

Why this bull call spread structure on APT specifically: APT IV at 143.74% is on the cheap side of its 1-year range, which favors premium-buying structures like a APT bull call spread, with a market-implied 1-standard-deviation move of approximately 41.21% (roughly $2.30 on the underlying). The 14-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated APT expiries trade a higher absolute premium for lower per-day decay. Position sizing on APT should anchor to the underlying notional of $5.58 per share and to the trader's directional view on APT stock.

APT bull call spread setup

The APT 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 APT near $5.58, the first option leg uses a $5.50 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed APT chain at a 14-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 APT shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$5.50	$0.65
Sell 1	Call	$6.00	$0.48

APT bull call spread risk and reward

Net Premium / Debit: -$17.50
Max Profit (per contract): $32.50
Max Loss (per contract): -$17.50
Breakeven(s): $5.68
Risk / Reward Ratio: 1.857

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.

APT bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on APT. 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	-99.8%	-$17.50
$1.24	-77.7%	-$17.50
$2.48	-55.6%	-$17.50
$3.71	-33.5%	-$17.50
$4.94	-11.5%	-$17.50
$6.17	+10.6%	+$32.50
$7.41	+32.7%	+$32.50
$8.64	+54.8%	+$32.50
$9.87	+76.9%	+$32.50
$11.10	+99.0%	+$32.50

When traders use bull call spread on APT

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

APT thesis for this bull call spread

The market-implied 1-standard-deviation range for APT extends from approximately $3.28 on the downside to $7.88 on the upside. A APT bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on APT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current APT IV rank near 26.23% 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 APT at 143.74%. As a Industrials name, APT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to APT-specific events.

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

Frequently asked questions

What is a bull call spread on APT?: A bull call spread on APT is the bull call spread strategy applied to APT (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 APT stock trading near $5.58, the strikes shown on this page are snapped to the nearest listed APT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are APT 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 APT bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 143.74%), the computed maximum profit is $32.50 per contract and the computed maximum loss is -$17.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a APT bull call spread?: The breakeven for the APT bull call spread priced on this page is roughly $5.68 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 APT market-implied 1-standard-deviation expected move is approximately 41.21%; 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 APT?: Bull call spreads on APT reduce the cost of a bullish APT 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 APT implied volatility affect this bull call spread?: APT ATM IV is at 143.74% with IV rank near 26.23%, 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.