ICUI Bull Call Spread Strategy
ICUI (ICU Medical, Inc.), in the Healthcare sector, (Medical - Instruments & Supplies industry), listed on NASDAQ.
ICU Medical, Inc., operating globally through its subsidiaries, is a medical technology firm that specializes in the development, manufacture, and sale of devices for both infusion therapy and critical care. Their extensive product line for infusion therapy encompasses: Needlefree Connectors: Such as the MicroClave, MicroClave Clear, and NanoClave brands. Catheter Maintenance & Disinfection: Including Neutron patency devices and SwabCap/SwabTip disinfecting caps. Hemodialysis Solutions: Like Tego connectors and ClearGuard HD antimicrobial caps. Hazardous Drug Handling: With closed system transfer devices (ChemoClave, ChemoLock) and the Diana compounding system for safe preparation. They also provide a comprehensive range of intravenous (IV) solutions, diluents, and irrigation fluids, available in diverse packaging options like flexible containers and pour bottles.
ICUI (ICU Medical, Inc.) trades in the Healthcare sector, specifically Medical - Instruments & Supplies, with a market capitalization of approximately $4.01B, a trailing P/E of 133.36, a beta of 0.76 versus the broader market, a 52-week range of 112.5-192.85, average daily share volume of 294K, a public-listing history dating back to 1992, approximately 13K full-time employees. These structural characteristics shape how ICUI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places ICUI roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 133.36 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 ICUI?
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.
ICUI snapshot
As of September 30, 2026, spot at $160.63, ATM IV 34.50%, IV rank 32.58%, expected move 9.89%. The bull call spread on ICUI below is built from the September 30, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 16-day expiry.
Why this bull call spread structure on ICUI specifically: ICUI IV at 34.50% 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 9.89% (roughly $15.89 on the underlying). The 16-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICUI expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICUI should anchor to the underlying notional of $160.63 per share and to the trader's directional view on ICUI stock.
ICUI bull call spread setup
The ICUI bull call spread below is built from the September 30, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ICUI at $160.63 on that close, the first option leg uses a $160.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICUI chain at a 16-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 ICUI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $160.00 | $5.35 |
| Sell 1 | Call | $170.00 | $1.48 |
ICUI bull call spread risk and reward
- Net Premium / Debit
- -$387.00
- Max Profit (per contract)
- $613.00
- Max Loss (per contract)
- -$387.00
- Breakeven(s)
- $163.87
- Risk / Reward Ratio
- 1.584
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.
ICUI bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on ICUI. 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% | -$387.00 |
| $35.53 | -77.9% | -$387.00 |
| $71.04 | -55.8% | -$387.00 |
| $106.56 | -33.7% | -$387.00 |
| $142.07 | -11.6% | -$387.00 |
| $177.59 | +10.6% | +$613.00 |
| $213.10 | +32.7% | +$613.00 |
| $248.62 | +54.8% | +$613.00 |
| $284.13 | +76.9% | +$613.00 |
| $319.65 | +99.0% | +$613.00 |
When traders use bull call spread on ICUI
Bull call spreads on ICUI reduce the cost of a bullish ICUI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
ICUI thesis for this bull call spread
The market-implied 1-standard-deviation range for ICUI extends from approximately $144.74 on the downside to $176.52 on the upside. A ICUI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ICUI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ICUI IV rank near 32.58% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on ICUI should anchor more to the directional view and the expected-move geometry. As a Healthcare name, ICUI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICUI-specific events.
ICUI 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. ICUI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ICUI alongside the broader basket even when ICUI-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ICUI 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 ICUI chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on ICUI?
- A bull call spread on ICUI is the bull call spread strategy applied to ICUI (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 ICUI stock at $160.63 on the September 30, 2026 close, the strikes shown on this page are snapped to the nearest listed ICUI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ICUI 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 ICUI bull call spread priced from the September 30, 2026 end-of-day chain at a 30-day expiry (ATM IV 34.50%), the computed maximum profit is $613.00 per contract and the computed maximum loss is -$387.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ICUI bull call spread?
- The breakeven for the ICUI bull call spread priced on this page is roughly $163.87 at expiration, derived from the September 30, 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 ICUI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.89%; 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 ICUI?
- Bull call spreads on ICUI reduce the cost of a bullish ICUI 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 ICUI implied volatility affect this bull call spread?
- ICUI ATM IV is at 34.50% with IV rank near 32.58%, 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.