CLAR Bull Call Spread Strategy
CLAR (Clarus Corporation), in the Consumer Cyclical sector, (Leisure industry), listed on NASDAQ.
Clarus Corporation is a global enterprise specializing in the design, production, and supply of outdoor gear and lifestyle goods for consumer markets spanning the United States, Canada, Europe, the Middle East, Asia, Australia, New Zealand, Africa, and South America. Its Outdoor division provides a comprehensive suite of products catering to activities like climbing, mountaineering, trail running, backpacking, and skiing. Offerings include performance-oriented apparel such as shells, insulation, mid-layers, pants, and branded clothing; an extensive range of rock and ice climbing equipment like carabiners, protective devices, harnesses, belay tools, helmets, and specialized ice climbing apparatus; technical backpacks and day packs; trekking poles; headlamps and lanterns; gloves and mittens; skincare items; and critical snow safety products such as avalanche airbag systems, transceivers, shovels, and probes, alongside skis, poles, and skins. Key brands within this segment are Black Diamond Equipment, PIEPS, and SKINourishment. The company's Precision Sport segment is dedicated to manufacturing high-quality bullets and ammunition. These products serve the distinct requirements of precision target shooters, hunters, and military and law enforcement professionals, marketed under the Sierra and Barnes brands.
CLAR (Clarus Corporation) trades in the Consumer Cyclical sector, specifically Leisure, with a market capitalization of approximately $121.1M, a beta of 1.08 versus the broader market, a 52-week range of 2.53-4.03, average daily share volume of 291K, a public-listing history dating back to 1998, approximately 470 full-time employees. These structural characteristics shape how CLAR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.08 places CLAR roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CLAR 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 CLAR?
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 CLAR snapshot
As of June 30, 2026, spot at $3.17, ATM IV 151.40%, IV rank 32.54%, expected move 43.41%. The bull call spread on CLAR 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 CLAR specifically: CLAR IV at 151.40% 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 43.41% (roughly $1.38 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 CLAR expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLAR should anchor to the underlying notional of $3.17 per share and to the trader's directional view on CLAR stock.
CLAR bull call spread setup
The CLAR 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 CLAR near $3.17, the first option leg uses a $3.17 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLAR 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 CLAR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.17 | N/A |
| Sell 1 | Call | $3.33 | N/A |
CLAR 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.
CLAR bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CLAR. 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 CLAR
Bull call spreads on CLAR reduce the cost of a bullish CLAR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CLAR thesis for this bull call spread
The market-implied 1-standard-deviation range for CLAR extends from approximately $1.79 on the downside to $4.55 on the upside. A CLAR bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CLAR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CLAR IV rank near 32.54% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on CLAR should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, CLAR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLAR-specific events.
CLAR 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. CLAR positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLAR alongside the broader basket even when CLAR-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CLAR 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 CLAR chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CLAR?
- A bull call spread on CLAR is the bull call spread strategy applied to CLAR (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 CLAR stock trading near $3.17, the strikes shown on this page are snapped to the nearest listed CLAR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLAR 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 CLAR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 151.40%), 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 CLAR bull call spread?
- The breakeven for the CLAR 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 CLAR market-implied 1-standard-deviation expected move is approximately 43.41%; 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 CLAR?
- Bull call spreads on CLAR reduce the cost of a bullish CLAR 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 CLAR implied volatility affect this bull call spread?
- CLAR ATM IV is at 151.40% with IV rank near 32.54%, 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.