How are DFTX 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 DFTX bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.30%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$77.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a DFTX bull call spread?

The breakeven for the DFTX bull call spread priced on this page is roughly $42.78 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DFTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.88%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

DFTX ATM IV is at 83.30% with IV rank near 11.51%, 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.

DFTX Bull Call Spread Strategy

DFTX (Definium Therapeutics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Definium Therapeutics, Inc. operates as a clinical-stage biopharmaceutical firm dedicated to developing innovative therapeutic solutions for various brain health and neurological disorders. Its pipeline features key experimental drug candidates like MM120, which is currently undergoing Phase 3 clinical trials for generalized anxiety disorder (GAD) and attention deficit hyperactivity disorder (ADHD). Another significant compound, MM402 – an R-enantiomer of 3,4-methylenedioxymethamphetamine – is in Phase 1 trials, targeting the fundamental symptoms of autism spectrum disorder. The company maintains its headquarters in New York, New York.

DFTX (Definium Therapeutics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $5.68B, a beta of 2.24 versus the broader market, a 52-week range of 12.882-49.2, average daily share volume of 2.6M, a public-listing history dating back to 2016, approximately 106 full-time employees. These structural characteristics shape how DFTX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 2.24 indicates DFTX 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 DFTX?

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.

DFTX snapshot

As of August 14, 2026, spot at $42.37, ATM IV 83.30%, IV rank 11.51%, expected move 23.88%. The bull call spread on DFTX below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.

Why this bull call spread structure on DFTX specifically: DFTX IV at 83.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a DFTX bull call spread, with a market-implied 1-standard-deviation move of approximately 23.88% (roughly $10.12 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DFTX expiries trade a higher absolute premium for lower per-day decay. Position sizing on DFTX should anchor to the underlying notional of $42.37 per share and to the trader's directional view on DFTX stock.

DFTX bull call spread setup

The DFTX bull call spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With DFTX at $42.37 on that close, the first option leg uses a $42.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DFTX chain at a 35-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 DFTX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$42.00	$5.10
Sell 1	Call	$44.00	$4.33

DFTX bull call spread risk and reward

Net Premium / Debit: -$77.50
Max Profit (per contract): $122.50
Max Loss (per contract): -$77.50
Breakeven(s): $42.78
Risk / Reward Ratio: 1.581

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.

DFTX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on DFTX. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$77.50
$9.38	-77.9%	-$77.50
$18.74	-55.8%	-$77.50
$28.11	-33.7%	-$77.50
$37.48	-11.5%	-$77.50
$46.85	+10.6%	+$122.50
$56.21	+32.7%	+$122.50
$65.58	+54.8%	+$122.50
$74.95	+76.9%	+$122.50
$84.31	+99.0%	+$122.50

When traders use bull call spread on DFTX

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

DFTX thesis for this bull call spread

The market-implied 1-standard-deviation range for DFTX extends from approximately $32.25 on the downside to $52.49 on the upside. A DFTX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on DFTX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current DFTX IV rank near 11.51% 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 DFTX at 83.30%. As a Healthcare name, DFTX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DFTX-specific events.

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

Frequently asked questions

What is a bull call spread on DFTX?: A bull call spread on DFTX is the bull call spread strategy applied to DFTX (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 DFTX stock at $42.37 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed DFTX chain strike and the premiums come straight from that session's bid/ask midpoint.
How are DFTX 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 DFTX bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 83.30%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$77.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a DFTX bull call spread?: The breakeven for the DFTX bull call spread priced on this page is roughly $42.78 at expiration, derived from the August 14, 2026 end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The DFTX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 23.88%; 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 DFTX?: Bull call spreads on DFTX reduce the cost of a bullish DFTX 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 DFTX implied volatility affect this bull call spread?: DFTX ATM IV is at 83.30% with IV rank near 11.51%, 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.