CLH Bull Call Spread Strategy
CLH (Clean Harbors, Inc.), in the Industrials sector, (Waste Management industry), listed on NYSE.
Clean Harbors, Inc. delivers a comprehensive range of environmental and industrial services across North America. The company is structured into two primary divisions: Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment manages the entire lifecycle of waste, from collection and transportation to treatment and final disposal of both hazardous and non-hazardous materials. This involves employing various techniques including resource reclamation, physical processing, fuel blending, incineration, secure landfilling, wastewater purification, and the proper handling of laboratory chemicals and explosive materials. Its specialized CleanPack services meticulously manage the collection, identification, categorization, bespoke packaging, transportation, and ultimate disposal of sensitive laboratory chemicals and household hazardous waste. This division further extends to industrial maintenance and specialized on-site industrial operations, leveraging advanced equipment and personnel for fieldwork.
CLH (Clean Harbors, Inc.) trades in the Industrials sector, specifically Waste Management, with a market capitalization of approximately $15.94B, a trailing P/E of 40.29, a beta of 0.88 versus the broader market, a 52-week range of 201.34-316.98, average daily share volume of 538K, a public-listing history dating back to 1987, approximately 23K full-time employees. These structural characteristics shape how CLH stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.88 places CLH roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 40.29 is on the rich side, which tends to correlate with higher earnings-window IV expansion as the market debates whether forward growth supports the multiple.
What is a bull call spread on CLH?
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 CLH snapshot
As of June 29, 2026, spot at $299.81, ATM IV 28.60%, IV rank 32.06%, expected move 8.20%. The bull call spread on CLH 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 18-day expiry.
Why this bull call spread structure on CLH specifically: CLH IV at 28.60% 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 8.20% (roughly $24.58 on the underlying). The 18-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CLH expiries trade a higher absolute premium for lower per-day decay. Position sizing on CLH should anchor to the underlying notional of $299.81 per share and to the trader's directional view on CLH stock.
CLH bull call spread setup
The CLH 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 CLH near $299.81, the first option leg uses a $300.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CLH chain at a 18-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 CLH shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $300.00 | $8.00 |
| Sell 1 | Call | $310.00 | $3.45 |
CLH bull call spread risk and reward
- Net Premium / Debit
- -$455.00
- Max Profit (per contract)
- $545.00
- Max Loss (per contract)
- -$455.00
- Breakeven(s)
- $304.55
- Risk / Reward Ratio
- 1.198
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.
CLH bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CLH. 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% | -$455.00 |
| $66.30 | -77.9% | -$455.00 |
| $132.59 | -55.8% | -$455.00 |
| $198.88 | -33.7% | -$455.00 |
| $265.16 | -11.6% | -$455.00 |
| $331.45 | +10.6% | +$545.00 |
| $397.74 | +32.7% | +$545.00 |
| $464.03 | +54.8% | +$545.00 |
| $530.32 | +76.9% | +$545.00 |
| $596.61 | +99.0% | +$545.00 |
When traders use bull call spread on CLH
Bull call spreads on CLH reduce the cost of a bullish CLH stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CLH thesis for this bull call spread
The market-implied 1-standard-deviation range for CLH extends from approximately $275.23 on the downside to $324.39 on the upside. A CLH bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CLH, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CLH IV rank near 32.06% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on CLH should anchor more to the directional view and the expected-move geometry. As a Industrials name, CLH options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CLH-specific events.
CLH 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. CLH positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CLH alongside the broader basket even when CLH-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CLH 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 CLH chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CLH?
- A bull call spread on CLH is the bull call spread strategy applied to CLH (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 CLH stock trading near $299.81, the strikes shown on this page are snapped to the nearest listed CLH chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CLH 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 CLH bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 28.60%), the computed maximum profit is $545.00 per contract and the computed maximum loss is -$455.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CLH bull call spread?
- The breakeven for the CLH bull call spread priced on this page is roughly $304.55 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 CLH market-implied 1-standard-deviation expected move is approximately 8.20%; 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 CLH?
- Bull call spreads on CLH reduce the cost of a bullish CLH 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 CLH implied volatility affect this bull call spread?
- CLH ATM IV is at 28.60% with IV rank near 32.06%, 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.