DHT Bull Call Spread Strategy
DHT (DHT Holdings, Inc.), in the Energy sector, (Oil & Gas Midstream industry), listed on NYSE.
DHT Holdings, Inc., through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, and Norway. As of March 17, 2022, it had a fleet of 26 very large crude carriers with a capacity of 8,043,657 deadweight tons. The company was incorporated in 2005 and is headquartered in Hamilton, Bermuda.
DHT (DHT Holdings, Inc.) trades in the Energy sector, specifically Oil & Gas Midstream, with a market capitalization of approximately $2.87B, a trailing P/E of 8.65, a beta of -0.09 versus the broader market, a 52-week range of 10.61-20.55, average daily share volume of 4.8M, a public-listing history dating back to 2005, approximately 924 full-time employees. These structural characteristics shape how DHT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of -0.09 indicates DHT has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 8.65 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. DHT 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 DHT?
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 DHT snapshot
As of May 15, 2026, spot at $17.57, ATM IV 44.40%, IV rank 43.30%, expected move 12.73%. The bull call spread on DHT 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 63-day expiry.
Why this bull call spread structure on DHT specifically: DHT IV at 44.40% 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 12.73% (roughly $2.24 on the underlying). The 63-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated DHT expiries trade a higher absolute premium for lower per-day decay. Position sizing on DHT should anchor to the underlying notional of $17.57 per share and to the trader's directional view on DHT stock.
DHT bull call spread setup
The DHT 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 DHT near $17.57, the first option leg uses a $18.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed DHT chain at a 63-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 DHT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $18.00 | $0.95 |
| Sell 1 | Call | $18.00 | $0.95 |
DHT bull call spread risk and reward
- Net Premium / Debit
- $0.00
- Max Profit (per contract)
- $0.00
- Max Loss (per contract)
- $0.00
- 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.
DHT bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on DHT. 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 | -99.9% | $0.00 |
| $3.89 | -77.8% | $0.00 |
| $7.78 | -55.7% | $0.00 |
| $11.66 | -33.6% | $0.00 |
| $15.54 | -11.5% | $0.00 |
| $19.43 | +10.6% | $0.00 |
| $23.31 | +32.7% | $0.00 |
| $27.20 | +54.8% | $0.00 |
| $31.08 | +76.9% | $0.00 |
| $34.96 | +99.0% | $0.00 |
When traders use bull call spread on DHT
Bull call spreads on DHT reduce the cost of a bullish DHT stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
DHT thesis for this bull call spread
The market-implied 1-standard-deviation range for DHT extends from approximately $15.33 on the downside to $19.81 on the upside. A DHT bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on DHT, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current DHT IV rank near 43.30% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on DHT should anchor more to the directional view and the expected-move geometry. As a Energy name, DHT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to DHT-specific events.
DHT 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. DHT positions also carry Energy sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move DHT alongside the broader basket even when DHT-specific fundamentals are unchanged. Long-premium structures like a bull call spread on DHT 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 DHT chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on DHT?
- A bull call spread on DHT is the bull call spread strategy applied to DHT (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 DHT stock trading near $17.57, the strikes shown on this page are snapped to the nearest listed DHT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are DHT 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 DHT bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 44.40%), the computed maximum profit is $0.00 per contract and the computed maximum loss is $0.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a DHT bull call spread?
- The breakeven for the DHT 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 DHT market-implied 1-standard-deviation expected move is approximately 12.73%; 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 DHT?
- Bull call spreads on DHT reduce the cost of a bullish DHT 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 DHT implied volatility affect this bull call spread?
- DHT ATM IV is at 44.40% with IV rank near 43.30%, 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.