IRD Bull Call Spread Strategy
IRD (Opus Genetics, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.
Opus Genetics, Inc., a clinical-stage ophthalmic biopharmaceutical company, focuses on developing and commercializing therapies for the treatment of unmet needs of patients with refractive and retinal eye disorders. The company offers Phentolamine Ophthalmic Solution for reversal of mydriasis, as well as is in Phase III clinical trials for presbyopia and dim light or night vision disturbances. Its lead retinal product candidate is APX3330, a small-molecule inhibitor of reduction oxidation effector factor-1 protein that has completed Phase II clinical trial for the treatment of diabetic retinopathy. The company also develops APX2009 and APX2014 that are preclinical product candidates for retina indications. The company was formerly known as Ocuphire Pharma, Inc. Opus Genetics, Inc. was founded in 2018 and is headquartered in Farmington Hills, Michigan.
IRD (Opus Genetics, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $359.2M, a beta of 0.63 versus the broader market, a 52-week range of 0.9-5.81, average daily share volume of 910K, a public-listing history dating back to 2015, approximately 18 full-time employees. These structural characteristics shape how IRD stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.63 indicates IRD 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 IRD?
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 IRD snapshot
As of May 15, 2026, spot at $4.79, ATM IV 154.30%, IV rank 32.19%, expected move 44.24%. The bull call spread on IRD 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 IRD specifically: IRD IV at 154.30% 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 44.24% (roughly $2.12 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 IRD expiries trade a higher absolute premium for lower per-day decay. Position sizing on IRD should anchor to the underlying notional of $4.79 per share and to the trader's directional view on IRD stock.
IRD bull call spread setup
The IRD 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 IRD near $4.79, the first option leg uses a $4.79 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed IRD 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 IRD shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $4.79 | N/A |
| Sell 1 | Call | $5.03 | N/A |
IRD 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.
IRD bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on IRD. 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 IRD
Bull call spreads on IRD reduce the cost of a bullish IRD stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
IRD thesis for this bull call spread
The market-implied 1-standard-deviation range for IRD extends from approximately $2.67 on the downside to $6.91 on the upside. A IRD bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on IRD, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current IRD IV rank near 32.19% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on IRD should anchor more to the directional view and the expected-move geometry. As a Healthcare name, IRD options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to IRD-specific events.
IRD 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. IRD positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move IRD alongside the broader basket even when IRD-specific fundamentals are unchanged. Long-premium structures like a bull call spread on IRD 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 IRD chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on IRD?
- A bull call spread on IRD is the bull call spread strategy applied to IRD (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 IRD stock trading near $4.79, the strikes shown on this page are snapped to the nearest listed IRD chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are IRD 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 IRD bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 154.30%), 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 IRD bull call spread?
- The breakeven for the IRD 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 IRD market-implied 1-standard-deviation expected move is approximately 44.24%; 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 IRD?
- Bull call spreads on IRD reduce the cost of a bullish IRD 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 IRD implied volatility affect this bull call spread?
- IRD ATM IV is at 154.30% with IV rank near 32.19%, 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.