BLZE Bull Call Spread Strategy
BLZE (Backblaze, Inc.), in the Technology sector, (Software - Infrastructure industry), listed on NASDAQ.
Backblaze, Inc., a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as backups, multi-cloud, application development, and ransomware protection. In addition, the company offers Backblaze Computer Backup that automatically backs up data from laptops and desktops for businesses and individuals, which provides a subscription-based Software-as-a-Service and serves use cases, including computer backup, ransomware protection, theft and loss protection, and remote access. It serves the public cloud IaaS storage and Data-Protection-as-a-Service markets.
BLZE (Backblaze, Inc.) trades in the Technology sector, specifically Software - Infrastructure, with a market capitalization of approximately $442.3M, a beta of 1.41 versus the broader market, a 52-week range of 3.261-10.858, average daily share volume of 1.6M, a public-listing history dating back to 2021, approximately 346 full-time employees. These structural characteristics shape how BLZE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.41 indicates BLZE 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 BLZE?
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 BLZE snapshot
As of May 15, 2026, spot at $7.01, ATM IV 69.60%, IV rank 31.55%, expected move 19.95%. The bull call spread on BLZE 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 34-day expiry.
Why this bull call spread structure on BLZE specifically: BLZE IV at 69.60% 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 19.95% (roughly $1.40 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BLZE expiries trade a higher absolute premium for lower per-day decay. Position sizing on BLZE should anchor to the underlying notional of $7.01 per share and to the trader's directional view on BLZE stock.
BLZE bull call spread setup
The BLZE 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 BLZE near $7.01, the first option leg uses a $7.01 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BLZE chain at a 34-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 BLZE shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $7.01 | N/A |
| Sell 1 | Call | $7.36 | N/A |
BLZE bull call spread risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
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.
BLZE bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on BLZE. 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.
When traders use bull call spread on BLZE
Bull call spreads on BLZE reduce the cost of a bullish BLZE stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
BLZE thesis for this bull call spread
The market-implied 1-standard-deviation range for BLZE extends from approximately $5.61 on the downside to $8.41 on the upside. A BLZE bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on BLZE, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current BLZE IV rank near 31.55% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on BLZE should anchor more to the directional view and the expected-move geometry. As a Technology name, BLZE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BLZE-specific events.
BLZE 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. BLZE positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BLZE alongside the broader basket even when BLZE-specific fundamentals are unchanged. Long-premium structures like a bull call spread on BLZE 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 BLZE chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on BLZE?
- A bull call spread on BLZE is the bull call spread strategy applied to BLZE (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 BLZE stock trading near $7.01, the strikes shown on this page are snapped to the nearest listed BLZE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BLZE 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 BLZE bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 69.60%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BLZE bull call spread?
- The breakeven for the BLZE bull call spread priced on this page is no defined breakeven on the modeled curve 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 BLZE market-implied 1-standard-deviation expected move is approximately 19.95%; 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 BLZE?
- Bull call spreads on BLZE reduce the cost of a bullish BLZE 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 BLZE implied volatility affect this bull call spread?
- BLZE ATM IV is at 69.60% with IV rank near 31.55%, 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.