How are OI 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 OI bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 65.60%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a OI bull call spread?

The breakeven for the OI bull call spread priced on this page is roughly $8.58 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 OI market-implied 1-standard-deviation expected move is approximately 18.81%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

OI ATM IV is at 65.60% with IV rank near 90.55%, 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.

OI Bull Call Spread Strategy

OI (O-I Glass, Inc.), in the Consumer Cyclical sector, (Packaging & Containers industry), listed on NYSE.

O-I Glass, Inc., through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in the Americas, Europe, and the Asia Pacific. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. It is also involved in the production of glass packaging for various food items, soft drinks, tea, juices, and pharmaceuticals. In addition, the company offers glass containers in a range of sizes, shapes, and colors. It sells its products directly to customers under annual or multi-year supply agreements, as well as through distributors. The company was founded in 1903 and is headquartered in Perrysburg, Ohio.

OI (O-I Glass, Inc.) trades in the Consumer Cyclical sector, specifically Packaging & Containers, with a market capitalization of approximately $1.38B, a beta of 0.65 versus the broader market, a 52-week range of 8-16.91, average daily share volume of 2.5M, a public-listing history dating back to 1991, approximately 21K full-time employees. These structural characteristics shape how OI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.65 indicates OI 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 OI?

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 OI snapshot

As of May 15, 2026, spot at $8.37, ATM IV 65.60%, IV rank 90.55%, expected move 18.81%. The bull call spread on OI 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 OI specifically: OI IV at 65.60% is rich versus its 1-year range, which makes a premium-buying OI bull call spread relatively expensive in absolute-cost terms, with a market-implied 1-standard-deviation move of approximately 18.81% (roughly $1.57 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 OI expiries trade a higher absolute premium for lower per-day decay. Position sizing on OI should anchor to the underlying notional of $8.37 per share and to the trader's directional view on OI stock.

OI bull call spread setup

The OI 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 OI near $8.37, the first option leg uses a $8.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OI 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 OI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$8.00	$0.95
Sell 1	Call	$9.00	$0.38

OI bull call spread risk and reward

Net Premium / Debit: -$57.50
Max Profit (per contract): $42.50
Max Loss (per contract): -$57.50
Breakeven(s): $8.58
Risk / Reward Ratio: 0.739

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.

OI bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on OI. 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	-99.9%	-$57.50
$1.86	-77.8%	-$57.50
$3.71	-55.7%	-$57.50
$5.56	-33.6%	-$57.50
$7.41	-11.5%	-$57.50
$9.26	+10.6%	+$42.50
$11.11	+32.7%	+$42.50
$12.96	+54.8%	+$42.50
$14.81	+76.9%	+$42.50
$16.66	+99.0%	+$42.50

When traders use bull call spread on OI

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

OI thesis for this bull call spread

The market-implied 1-standard-deviation range for OI extends from approximately $6.80 on the downside to $9.94 on the upside. A OI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on OI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OI IV rank near 90.55% 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 OI at 65.60%. As a Consumer Cyclical name, OI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OI-specific events.

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

Frequently asked questions

What is a bull call spread on OI?: A bull call spread on OI is the bull call spread strategy applied to OI (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 OI stock trading near $8.37, the strikes shown on this page are snapped to the nearest listed OI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are OI 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 OI bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 65.60%), the computed maximum profit is $42.50 per contract and the computed maximum loss is -$57.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a OI bull call spread?: The breakeven for the OI bull call spread priced on this page is roughly $8.58 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 OI market-implied 1-standard-deviation expected move is approximately 18.81%; 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 OI?: Bull call spreads on OI reduce the cost of a bullish OI 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 OI implied volatility affect this bull call spread?: OI ATM IV is at 65.60% with IV rank near 90.55%, 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.