How are NKE 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 NKE bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 51.93%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$77.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a NKE bull call spread?

The breakeven for the NKE bull call spread priced on this page is roughly $41.78 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 NKE market-implied 1-standard-deviation expected move is approximately 14.89%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

NKE ATM IV is at 51.93% with IV rank near 82.90%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.

NKE Bull Call Spread Strategy

NKE (NIKE, Inc.), in the Consumer Cyclical sector, (Apparel - Footwear & Accessories industry), listed on NYSE.

NIKE, Inc., through its various subsidiaries, operates as a global enterprise focused on the design, development, marketing, and sale of athletic footwear, apparel, equipment, and accessories for all ages and genders. Beyond its primary offerings, the company provides a range of athletic and casual footwear, clothing, and accessories under the notable Jumpman trademark. It also distributes a variety of casual sneakers, apparel, and accessories, featuring well-known brands like Converse, Chuck Taylor, All Star, One Star, Star Chevron, and Jack Purcell. Under the NIKE brand itself, the company supplies a comprehensive line of performance sports gear and accessories, such as bags, socks, sports balls, eyewear, timepieces, digital devices, bats, gloves, and protective equipment. Additionally, NIKE sells various plastic products to other manufacturers. The company also markets sportswear adorned with licensed logos from college and professional sports teams and leagues.

NKE (NIKE, Inc.) trades in the Consumer Cyclical sector, specifically Apparel - Footwear & Accessories, with a market capitalization of approximately $60.24B, a trailing P/E of 26.78, a beta of 1.12 versus the broader market, a 52-week range of 40-80.17, average daily share volume of 24.8M, a public-listing history dating back to 1980, approximately 79K full-time employees. These structural characteristics shape how NKE stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.12 places NKE roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. NKE pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.

What is a bull call spread on NKE?

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 NKE snapshot

As of June 29, 2026, spot at $41.26, ATM IV 51.93%, IV rank 82.90%, expected move 14.89%. The bull call spread on NKE 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 32-day expiry.

Why this bull call spread structure on NKE specifically: NKE IV at 51.93% is rich versus its 1-year range, which makes a premium-buying NKE bull call spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 14.89% (roughly $6.14 on the underlying). The 32-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated NKE expiries trade a higher absolute premium for lower per-day decay. Position sizing on NKE should anchor to the underlying notional of $41.26 per share and to the trader's directional view on NKE stock.

NKE bull call spread setup

The NKE 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 NKE near $41.26, the first option leg uses a $41.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed NKE chain at a 32-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 NKE shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$41.00	$2.70
Sell 1	Call	$43.00	$1.93

NKE bull call spread risk and reward

Net Premium / Debit: -$77.50
Max Profit (per contract): $122.50
Max Loss (per contract): -$77.50
Breakeven(s): $41.78
Risk / Reward Ratio: 1.581

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.

NKE bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on NKE. 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%	-$77.50
$9.13	-77.9%	-$77.50
$18.25	-55.8%	-$77.50
$27.38	-33.7%	-$77.50
$36.50	-11.5%	-$77.50
$45.62	+10.6%	+$122.50
$54.74	+32.7%	+$122.50
$63.86	+54.8%	+$122.50
$72.98	+76.9%	+$122.50
$82.11	+99.0%	+$122.50

When traders use bull call spread on NKE

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

NKE thesis for this bull call spread

The market-implied 1-standard-deviation range for NKE extends from approximately $35.12 on the downside to $47.40 on the upside. A NKE bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on NKE, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current NKE IV rank near 82.90% sits in the upper third of its 1-year distribution, which historically reverts; this raises the bar for premium-buying structures and lowers it for premium-selling structures on NKE at 51.93%. As a Consumer Cyclical name, NKE options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to NKE-specific events.

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

Frequently asked questions

What is a bull call spread on NKE?: A bull call spread on NKE is the bull call spread strategy applied to NKE (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 NKE stock trading near $41.26, the strikes shown on this page are snapped to the nearest listed NKE chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are NKE 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 NKE bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 51.93%), the computed maximum profit is $122.50 per contract and the computed maximum loss is -$77.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a NKE bull call spread?: The breakeven for the NKE bull call spread priced on this page is roughly $41.78 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 NKE market-implied 1-standard-deviation expected move is approximately 14.89%; 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 NKE?: Bull call spreads on NKE reduce the cost of a bullish NKE 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 NKE implied volatility affect this bull call spread?: NKE ATM IV is at 51.93% with IV rank near 82.90%, which is elevated relative to its 1-year range. Premium-selling structures (covered call, cash-secured put, iron condor) generally look more attractive when IV rank is high; premium-buying structures (long call, long put, debit spreads) are more expensive in that regime.