ITRI Bull Call Spread Strategy
ITRI (Itron, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NASDAQ.
Itron, Inc., a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in four segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solution. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products. The Networked Solutions segment provides communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; network design services; and associated heat-end management and application software for acquiring and transporting application-specific data. This segment also products and software for the implementation, installation, and management of communicating devices and data networks; offers industrial internet of things solutions, including automated meter reading; advanced metering infrastructure for electricity, water, and gas; distributed energy resource management; grid edge devices; distribution automation communications; smart lighting; and smart city sensors and applications. The Outcomes segment provides value-added, enhanced software and services, artificial intelligence, and machine learning, statistical modeling, and other analytics.
ITRI (Itron, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $4.49B, a trailing P/E of 16.63, a beta of 1.33 versus the broader market, a 52-week range of 77.77-142, average daily share volume of 847K, a public-listing history dating back to 1993, approximately 5K full-time employees. These structural characteristics shape how ITRI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.33 indicates ITRI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bull call spread on ITRI?
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.
ITRI snapshot
As of August 14, 2026, spot at $101.65, ATM IV 32.60%, IV rank 13.56%, expected move 9.35%. The bull call spread on ITRI below is built from the August 14, 2026 end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this bull call spread structure on ITRI specifically: ITRI IV at 32.60% is on the cheap side of its 1-year range, which favors premium-buying structures like a ITRI bull call spread, with a market-implied 1-standard-deviation move of approximately 9.35% (roughly $9.50 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ITRI expiries trade a higher absolute premium for lower per-day decay. Position sizing on ITRI should anchor to the underlying notional of $101.65 per share and to the trader's directional view on ITRI stock.
ITRI bull call spread setup
The ITRI bull call spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ITRI at $101.65 on that close, the first option leg uses a $100.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ITRI chain at a 35-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 ITRI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $100.00 | $5.10 |
| Sell 1 | Call | $105.00 | $2.73 |
ITRI bull call spread risk and reward
- Net Premium / Debit
- -$237.50
- Max Profit (per contract)
- $262.50
- Max Loss (per contract)
- -$237.50
- Breakeven(s)
- $102.38
- Risk / Reward Ratio
- 1.105
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.
ITRI bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on ITRI. 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% | -$237.50 |
| $22.48 | -77.9% | -$237.50 |
| $44.96 | -55.8% | -$237.50 |
| $67.43 | -33.7% | -$237.50 |
| $89.91 | -11.6% | -$237.50 |
| $112.38 | +10.6% | +$262.50 |
| $134.86 | +32.7% | +$262.50 |
| $157.33 | +54.8% | +$262.50 |
| $179.80 | +76.9% | +$262.50 |
| $202.28 | +99.0% | +$262.50 |
When traders use bull call spread on ITRI
Bull call spreads on ITRI reduce the cost of a bullish ITRI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
ITRI thesis for this bull call spread
The market-implied 1-standard-deviation range for ITRI extends from approximately $92.15 on the downside to $111.15 on the upside. A ITRI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ITRI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ITRI IV rank near 13.56% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ITRI at 32.60%. As a Technology name, ITRI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ITRI-specific events.
ITRI 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. ITRI positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ITRI alongside the broader basket even when ITRI-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ITRI 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 ITRI chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on ITRI?
- A bull call spread on ITRI is the bull call spread strategy applied to ITRI (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 ITRI stock at $101.65 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ITRI chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ITRI 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 ITRI bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $262.50 per contract and the computed maximum loss is -$237.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ITRI bull call spread?
- The breakeven for the ITRI bull call spread priced on this page is roughly $102.38 at expiration, derived from the August 14, 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 ITRI market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.35%; 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 ITRI?
- Bull call spreads on ITRI reduce the cost of a bullish ITRI 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 ITRI implied volatility affect this bull call spread?
- ITRI ATM IV is at 32.60% with IV rank near 13.56%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.