How are KEX 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 KEX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $650.50 per contract and the computed maximum loss is -$349.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a KEX bull call spread?

The breakeven for the KEX bull call spread priced on this page is roughly $138.50 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 KEX market-implied 1-standard-deviation expected move is approximately 9.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

KEX ATM IV is at 32.60% with IV rank near 38.67%, 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.

KEX Bull Call Spread Strategy

KEX (Kirby Corporation), in the Industrials sector, (Marine Shipping industry), listed on NYSE.

Kirby Corporation is a leading operator of domestic tank barges within the United States. Its Marine Transportation division specializes in moving bulk liquid products, providing comprehensive marine transport and towing services. These operations cover an extensive network, including the Mississippi River System, the Gulf Intracoastal Waterway, all three U.S. coastlines, and extend to Alaska and Hawaii. The company transports a wide array of materials, such as petrochemicals, various black and refined petroleum products, and agricultural chemicals, primarily via tank barge. This segment also manages offshore dry-bulk barges and their accompanying tugboat units, facilitating the coastal transport of dry-bulk commodities across the U.S. As of December 31, 2021, Kirby's substantial fleet consisted of 1,025 inland tank barges, approximately 255 inland towboats, 31 coastal tank barges, 29 coastal tugboats, 4 offshore dry-bulk cargo barges, 4 offshore tugboats, and a single docking tugboat.

KEX (Kirby Corporation) trades in the Industrials sector, specifically Marine Shipping, with a market capitalization of approximately $7.32B, a trailing P/E of 20.40, a beta of 0.83 versus the broader market, a 52-week range of 79.52-157.69, average daily share volume of 635K, a public-listing history dating back to 1980, approximately 5K full-time employees. These structural characteristics shape how KEX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.83 places KEX roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a bull call spread on KEX?

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 KEX snapshot

As of June 30, 2026, spot at $136.07, ATM IV 32.60%, IV rank 38.67%, expected move 9.35%. The bull call spread on KEX 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 17-day expiry.

Why this bull call spread structure on KEX specifically: KEX IV at 32.60% 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 9.35% (roughly $12.72 on the underlying). The 17-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated KEX expiries trade a higher absolute premium for lower per-day decay. Position sizing on KEX should anchor to the underlying notional of $136.07 per share and to the trader's directional view on KEX stock.

KEX bull call spread setup

The KEX 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 KEX near $136.07, the first option leg uses a $135.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed KEX chain at a 17-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 KEX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$135.00	$4.38
Sell 1	Call	$145.00	$0.88

KEX bull call spread risk and reward

Net Premium / Debit: -$349.50
Max Profit (per contract): $650.50
Max Loss (per contract): -$349.50
Breakeven(s): $138.50
Risk / Reward Ratio: 1.861

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.

KEX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on KEX. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-100.0%	-$349.50
$30.09	-77.9%	-$349.50
$60.18	-55.8%	-$349.50
$90.26	-33.7%	-$349.50
$120.35	-11.6%	-$349.50
$150.43	+10.6%	+$650.50
$180.52	+32.7%	+$650.50
$210.60	+54.8%	+$650.50
$240.69	+76.9%	+$650.50
$270.77	+99.0%	+$650.50

When traders use bull call spread on KEX

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

KEX thesis for this bull call spread

The market-implied 1-standard-deviation range for KEX extends from approximately $123.35 on the downside to $148.79 on the upside. A KEX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on KEX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current KEX IV rank near 38.67% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on KEX should anchor more to the directional view and the expected-move geometry. As a Industrials name, KEX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to KEX-specific events.

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

Frequently asked questions

What is a bull call spread on KEX?: A bull call spread on KEX is the bull call spread strategy applied to KEX (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 KEX stock trading near $136.07, the strikes shown on this page are snapped to the nearest listed KEX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are KEX 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 KEX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 32.60%), the computed maximum profit is $650.50 per contract and the computed maximum loss is -$349.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a KEX bull call spread?: The breakeven for the KEX bull call spread priced on this page is roughly $138.50 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 KEX market-implied 1-standard-deviation expected move 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 KEX?: Bull call spreads on KEX reduce the cost of a bullish KEX 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 KEX implied volatility affect this bull call spread?: KEX ATM IV is at 32.60% with IV rank near 38.67%, 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.