OSCR Bull Call Spread Strategy
OSCR (Oscar Health, Inc.), in the Healthcare sector, (Medical - Healthcare Plans industry), listed on NYSE.
Oscar Health, Inc. provides health insurance products and services in the United States. The company offers Individual & Family, Small Group, and Medicare Advantage plans, as well as +Oscar, a technology driven platform designed to help providers and payor clients to engage with members and patients. It also provides reinsurance products. The company was formerly known as Mulberry Health Inc. and changed its name to Oscar Health, Inc. in January 2021. Oscar Health, Inc. was incorporated in 2012 and is headquartered in New York, New York.
OSCR (Oscar Health, Inc.) trades in the Healthcare sector, specifically Medical - Healthcare Plans, with a market capitalization of approximately $6.12B, a beta of 2.34 versus the broader market, a 52-week range of 10.69-24.28, average daily share volume of 7.0M, a public-listing history dating back to 2021, approximately 2K full-time employees. These structural characteristics shape how OSCR stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 2.34 indicates OSCR 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 OSCR?
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 OSCR snapshot
As of May 15, 2026, spot at $23.05, ATM IV 66.30%, IV rank 16.40%, expected move 19.01%. The bull call spread on OSCR 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 28-day expiry.
Why this bull call spread structure on OSCR specifically: OSCR IV at 66.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a OSCR bull call spread, with a market-implied 1-standard-deviation move of approximately 19.01% (roughly $4.38 on the underlying). The 28-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated OSCR expiries trade a higher absolute premium for lower per-day decay. Position sizing on OSCR should anchor to the underlying notional of $23.05 per share and to the trader's directional view on OSCR stock.
OSCR bull call spread setup
The OSCR 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 OSCR near $23.05, the first option leg uses a $23.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OSCR chain at a 28-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 OSCR shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $23.00 | $1.72 |
| Sell 1 | Call | $24.00 | $1.28 |
OSCR bull call spread risk and reward
- Net Premium / Debit
- -$44.50
- Max Profit (per contract)
- $55.50
- Max Loss (per contract)
- -$44.50
- Breakeven(s)
- $23.45
- Risk / Reward Ratio
- 1.247
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.
OSCR bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on OSCR. 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% | -$44.50 |
| $5.11 | -77.9% | -$44.50 |
| $10.20 | -55.7% | -$44.50 |
| $15.30 | -33.6% | -$44.50 |
| $20.39 | -11.5% | -$44.50 |
| $25.49 | +10.6% | +$55.50 |
| $30.58 | +32.7% | +$55.50 |
| $35.68 | +54.8% | +$55.50 |
| $40.77 | +76.9% | +$55.50 |
| $45.87 | +99.0% | +$55.50 |
When traders use bull call spread on OSCR
Bull call spreads on OSCR reduce the cost of a bullish OSCR stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
OSCR thesis for this bull call spread
The market-implied 1-standard-deviation range for OSCR extends from approximately $18.67 on the downside to $27.43 on the upside. A OSCR bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on OSCR, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OSCR IV rank near 16.40% 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 OSCR at 66.30%. As a Healthcare name, OSCR options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OSCR-specific events.
OSCR 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. OSCR positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OSCR alongside the broader basket even when OSCR-specific fundamentals are unchanged. Long-premium structures like a bull call spread on OSCR 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 OSCR chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on OSCR?
- A bull call spread on OSCR is the bull call spread strategy applied to OSCR (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 OSCR stock trading near $23.05, the strikes shown on this page are snapped to the nearest listed OSCR chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OSCR 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 OSCR bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 66.30%), the computed maximum profit is $55.50 per contract and the computed maximum loss is -$44.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OSCR bull call spread?
- The breakeven for the OSCR bull call spread priced on this page is roughly $23.45 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 OSCR market-implied 1-standard-deviation expected move is approximately 19.01%; 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 OSCR?
- Bull call spreads on OSCR reduce the cost of a bullish OSCR 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 OSCR implied volatility affect this bull call spread?
- OSCR ATM IV is at 66.30% with IV rank near 16.40%, 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.