How are FIG 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 FIG bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $45.50 per contract and the computed maximum loss is -$54.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a FIG bull call spread?

The breakeven for the FIG bull call spread priced on this page is roughly $23.55 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.

FIG Bull Call Spread Strategy

FIG (Figma, Inc.), in the Technology sector, (Software - Application industry), listed on NYSE.

Figma, Inc. develops a browser-based tool for designing user interfaces that helps design and development teams build various products. The company offers Figma Design, a collaborative design tool for teams that explore ideas and gather feedback, build realistic prototypes, and streamline product development with design systems; Dev Mode to inspect designs and translate them into code without changing the design file; FigJam to define ideas, align on decisions, and move work forwardall in one place; and Figma Slides, a presentation tool built for designers and their teams. It also provides Figma Draw to create expressive designs with illustration tools; Figma Buzz that publishes brand templates to create social media assets, display ads, one-pagers, and others; Figma Sites to design, prototype, and publish; and Figma Make, an AI tool to design and prompt way to a functional prototype. The company was incorporated in 2012 and is headquartered in San Francisco, California.

FIG (Figma, Inc.) trades in the Technology sector, specifically Software - Application, with a market capitalization of approximately $9.23B, a beta of -0.19 versus the broader market, a 52-week range of 16.6-142.92, average daily share volume of 16.7M, a public-listing history dating back to 2025, approximately 2K full-time employees. These structural characteristics shape how FIG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of -0.19 indicates FIG has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bull call spread on FIG?

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 FIG snapshot

As of May 15, 2026, spot at $22.81, ATM IV 85.22%, IV rank 52.37%, expected move 24.43%. The bull call spread on FIG 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 28-day expiry.

Why this bull call spread structure on FIG specifically: FIG IV at 85.22% 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 24.43% (roughly $5.57 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FIG expiries trade a higher absolute premium for lower per-day decay. Position sizing on FIG should anchor to the underlying notional of $22.81 per share and to the trader's directional view on FIG stock.

FIG bull call spread setup

The FIG 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 FIG near $22.81, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FIG chain at a 28-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 FIG shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$23.00	$2.24
Sell 1	Call	$24.00	$1.69

FIG bull call spread risk and reward

Net Premium / Debit: -$54.50
Max Profit (per contract): $45.50
Max Loss (per contract): -$54.50
Breakeven(s): $23.55
Risk / Reward Ratio: 0.835

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.

FIG bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on FIG. 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%	-$54.50
$5.05	-77.9%	-$54.50
$10.09	-55.7%	-$54.50
$15.14	-33.6%	-$54.50
$20.18	-11.5%	-$54.50
$25.22	+10.6%	+$45.50
$30.26	+32.7%	+$45.50
$35.31	+54.8%	+$45.50
$40.35	+76.9%	+$45.50
$45.39	+99.0%	+$45.50

When traders use bull call spread on FIG

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

FIG thesis for this bull call spread

The market-implied 1-standard-deviation range for FIG extends from approximately $17.24 on the downside to $28.38 on the upside. A FIG bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on FIG, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current FIG IV rank near 52.37% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on FIG should anchor more to the directional view and the expected-move geometry. As a Technology name, FIG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FIG-specific events.

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

Frequently asked questions

What is a bull call spread on FIG?: A bull call spread on FIG is the bull call spread strategy applied to FIG (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 FIG stock trading near $22.81, the strikes shown on this page are snapped to the nearest listed FIG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are FIG 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 FIG bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 85.22%), the computed maximum profit is $45.50 per contract and the computed maximum loss is -$54.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a FIG bull call spread?: The breakeven for the FIG bull call spread priced on this page is roughly $23.55 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 FIG market-implied 1-standard-deviation expected move is approximately 24.43%; 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 FIG?: Bull call spreads on FIG reduce the cost of a bullish FIG 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 FIG implied volatility affect this bull call spread?: FIG ATM IV is at 85.22% with IV rank near 52.37%, 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.