HSAI Bull Call Spread Strategy
HSAI (Hesai Group), in the Consumer Cyclical sector, (Auto - Parts industry), listed on NASDAQ.
Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Its LiDAR products are used in passenger and commercial vehicles with advanced driver assistance systems; autonomous passenger and freight mobility services; and other applications, such as delivery robots, street sweeping robots, and logistics robots in restricted areas. Hesai Group was founded in 2014 and is based in Shanghai, China.
HSAI (Hesai Group) trades in the Consumer Cyclical sector, specifically Auto - Parts, with a market capitalization of approximately $3.13B, a trailing P/E of 58.88, a beta of 1.51 versus the broader market, a 52-week range of 14.69-30.85, average daily share volume of 1.8M, a public-listing history dating back to 2023, approximately 1K full-time employees. These structural characteristics shape how HSAI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.51 indicates HSAI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. The trailing P/E of 58.88 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 HSAI?
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 HSAI snapshot
As of May 15, 2026, spot at $22.46, ATM IV 87.20%, IV rank 50.14%, expected move 25.00%. The bull call spread on HSAI 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 HSAI specifically: HSAI IV at 87.20% 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 25.00% (roughly $5.61 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 HSAI expiries trade a higher absolute premium for lower per-day decay. Position sizing on HSAI should anchor to the underlying notional of $22.46 per share and to the trader's directional view on HSAI stock.
HSAI bull call spread setup
The HSAI 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 HSAI near $22.46, the first option leg uses a $22.46 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HSAI 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 HSAI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $22.46 | N/A |
| Sell 1 | Call | $23.58 | N/A |
HSAI 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.
HSAI bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on HSAI. 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 HSAI
Bull call spreads on HSAI reduce the cost of a bullish HSAI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
HSAI thesis for this bull call spread
The market-implied 1-standard-deviation range for HSAI extends from approximately $16.85 on the downside to $28.07 on the upside. A HSAI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on HSAI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current HSAI IV rank near 50.14% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on HSAI should anchor more to the directional view and the expected-move geometry. As a Consumer Cyclical name, HSAI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HSAI-specific events.
HSAI 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. HSAI positions also carry Consumer Cyclical sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HSAI alongside the broader basket even when HSAI-specific fundamentals are unchanged. Long-premium structures like a bull call spread on HSAI 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 HSAI chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on HSAI?
- A bull call spread on HSAI is the bull call spread strategy applied to HSAI (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 HSAI stock trading near $22.46, the strikes shown on this page are snapped to the nearest listed HSAI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HSAI 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 HSAI bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 87.20%), 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 HSAI bull call spread?
- The breakeven for the HSAI 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 HSAI market-implied 1-standard-deviation expected move is approximately 25.00%; 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 HSAI?
- Bull call spreads on HSAI reduce the cost of a bullish HSAI 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 HSAI implied volatility affect this bull call spread?
- HSAI ATM IV is at 87.20% with IV rank near 50.14%, 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.