ODFL Bull Call Spread Strategy
ODFL (Old Dominion Freight Line, Inc.), in the Industrials sector, (Trucking industry), listed on NASDAQ.
Old Dominion Freight Line, Inc. (ODFL) serves as a prominent less-than-truckload (LTL) freight carrier operating across the United States and North America. The company's offerings include LTL shipping solutions at regional, inter-regional, and national levels, often featuring expedited delivery options. Furthermore, ODFL provides a variety of supplementary services, such as container drayage, truckload brokerage, and supply chain consultancy. As of December 31, 2021, its extensive infrastructure comprised 10,403 tractors, 27,917 linehaul trailers, and 13,303 pickup and delivery trailers, supported by 3 fleet maintenance centers and 251 service facilities. Founded in 1934, Old Dominion Freight Line, Inc. has its corporate headquarters situated in Thomasville, North Carolina.
ODFL (Old Dominion Freight Line, Inc.) trades in the Industrials sector, specifically Trucking, with a market capitalization of approximately $44.20B, a trailing P/E of 40.73, a beta of 1.18 versus the broader market, a 52-week range of 126.01-252.03, average daily share volume of 1.9M, a public-listing history dating back to 1991, approximately 21K full-time employees. These structural characteristics shape how ODFL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.18 places ODFL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. The trailing P/E of 40.73 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. ODFL 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 ODFL?
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.
ODFL snapshot
As of August 14, 2026, spot at $210.66, ATM IV 32.90%, IV rank 6.61%, expected move 9.43%. The bull call spread on ODFL 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 ODFL specifically: ODFL IV at 32.90% is on the cheap side of its 1-year range, which favors premium-buying structures like a ODFL bull call spread, with a market-implied 1-standard-deviation move of approximately 9.43% (roughly $19.87 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 ODFL expiries trade a higher absolute premium for lower per-day decay. Position sizing on ODFL should anchor to the underlying notional of $210.66 per share and to the trader's directional view on ODFL stock.
ODFL bull call spread setup
The ODFL 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 ODFL at $210.66 on that close, the first option leg uses a $210.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ODFL 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 ODFL shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $210.00 | $9.35 |
| Sell 1 | Call | $220.00 | $5.10 |
ODFL bull call spread risk and reward
- Net Premium / Debit
- -$425.00
- Max Profit (per contract)
- $575.00
- Max Loss (per contract)
- -$425.00
- Breakeven(s)
- $214.25
- Risk / Reward Ratio
- 1.353
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.
ODFL bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on ODFL. 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% | -$425.00 |
| $46.59 | -77.9% | -$425.00 |
| $93.16 | -55.8% | -$425.00 |
| $139.74 | -33.7% | -$425.00 |
| $186.32 | -11.6% | -$425.00 |
| $232.89 | +10.6% | +$575.00 |
| $279.47 | +32.7% | +$575.00 |
| $326.05 | +54.8% | +$575.00 |
| $372.63 | +76.9% | +$575.00 |
| $419.20 | +99.0% | +$575.00 |
When traders use bull call spread on ODFL
Bull call spreads on ODFL reduce the cost of a bullish ODFL stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
ODFL thesis for this bull call spread
The market-implied 1-standard-deviation range for ODFL extends from approximately $190.79 on the downside to $230.53 on the upside. A ODFL bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on ODFL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current ODFL IV rank near 6.61% 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 ODFL at 32.90%. As a Industrials name, ODFL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ODFL-specific events.
ODFL 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. ODFL positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ODFL alongside the broader basket even when ODFL-specific fundamentals are unchanged. Long-premium structures like a bull call spread on ODFL 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 ODFL chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on ODFL?
- A bull call spread on ODFL is the bull call spread strategy applied to ODFL (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 ODFL stock at $210.66 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed ODFL chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are ODFL 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 ODFL bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 32.90%), the computed maximum profit is $575.00 per contract and the computed maximum loss is -$425.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ODFL bull call spread?
- The breakeven for the ODFL bull call spread priced on this page is roughly $214.25 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 ODFL market-implied 1-standard-deviation expected move in the same options snapshot is approximately 9.43%; 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 ODFL?
- Bull call spreads on ODFL reduce the cost of a bullish ODFL 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 ODFL implied volatility affect this bull call spread?
- ODFL ATM IV is at 32.90% with IV rank near 6.61%, 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.