CRNT Bull Call Spread Strategy
CRNT (Ceragon Networks Ltd.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
Ceragon Networks Ltd. provides wireless backhaul and fronthaul solutions that enable cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the core of the service provider's network. The company also uses microwave technology for ultra-high speed, ultra-low latency communication for wireless 5G and 4G, 3G, and other cellular base stations. In addition, it provides IP-20 all-outdoor solutions, such as IP-20C, IP-20C-HP, IP-20S, IP-20E, and IP-20V; IP-20 split-mount/all-indoor solutions comprising IP-20N/IP-20A, IP-20F, and IP-20G; and IP-50 disaggregated solutions, including IP-50E, IP-50C, IP-50S, and IP-50FX for various short-haul, long-haul, fronthaul, and enterprise access applications. Further, the company offers network management system; and network and radio planning, site survey, solutions development, installation, network auditing and optimization, maintenance, training, and other services. It provides its services to oil and gas companies; public safety organizations; business and public institutions; broadcasters; energy utilities; and private communications networks.
CRNT (Ceragon Networks Ltd.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $226.5M, a beta of 1.32 versus the broader market, a 52-week range of 1.82-2.84, average daily share volume of 449K, a public-listing history dating back to 2000, approximately 1K full-time employees. These structural characteristics shape how CRNT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.32 indicates CRNT 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 CRNT?
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 CRNT snapshot
As of May 15, 2026, spot at $2.54, ATM IV 105.00%, IV rank 38.69%, expected move 30.10%. The bull call spread on CRNT 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 CRNT specifically: CRNT IV at 105.00% 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 30.10% (roughly $0.76 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 CRNT expiries trade a higher absolute premium for lower per-day decay. Position sizing on CRNT should anchor to the underlying notional of $2.54 per share and to the trader's directional view on CRNT stock.
CRNT bull call spread setup
The CRNT 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 CRNT near $2.54, the first option leg uses a $2.54 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CRNT 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 CRNT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $2.54 | N/A |
| Sell 1 | Call | $2.67 | N/A |
CRNT 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.
CRNT bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on CRNT. 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 CRNT
Bull call spreads on CRNT reduce the cost of a bullish CRNT stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
CRNT thesis for this bull call spread
The market-implied 1-standard-deviation range for CRNT extends from approximately $1.78 on the downside to $3.30 on the upside. A CRNT bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on CRNT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current CRNT IV rank near 38.69% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on CRNT should anchor more to the directional view and the expected-move geometry. As a Technology name, CRNT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CRNT-specific events.
CRNT 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. CRNT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CRNT alongside the broader basket even when CRNT-specific fundamentals are unchanged. Long-premium structures like a bull call spread on CRNT 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 CRNT chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on CRNT?
- A bull call spread on CRNT is the bull call spread strategy applied to CRNT (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 CRNT stock trading near $2.54, the strikes shown on this page are snapped to the nearest listed CRNT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CRNT 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 CRNT bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 105.00%), 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 CRNT bull call spread?
- The breakeven for the CRNT 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 CRNT market-implied 1-standard-deviation expected move is approximately 30.10%; 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 CRNT?
- Bull call spreads on CRNT reduce the cost of a bullish CRNT 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 CRNT implied volatility affect this bull call spread?
- CRNT ATM IV is at 105.00% with IV rank near 38.69%, 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.