OUST Bull Call Spread Strategy
OUST (Ouster, Inc.), in the Technology sector, (Hardware, Equipment & Parts industry), listed on NASDAQ.
Ouster, Inc. designs and manufactures high-resolution digital lidar sensors and enabling software that offers 3D vision to machinery, vehicles, robots, and fixed infrastructure assets. Its product portfolio includes OS, a scanning sensor and DF, a true solid-state flash sensor. The company is based in San Francisco, California.
OUST (Ouster, Inc.) trades in the Technology sector, specifically Hardware, Equipment & Parts, with a market capitalization of approximately $2.18B, a beta of 3.06 versus the broader market, a 52-week range of 9.77-41.65, average daily share volume of 2.3M, a public-listing history dating back to 2020, approximately 292 full-time employees. These structural characteristics shape how OUST stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.06 indicates OUST 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 OUST?
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 OUST snapshot
As of May 15, 2026, spot at $35.13, ATM IV 115.05%, IV rank 68.56%, expected move 32.98%. The bull call spread on OUST 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 OUST specifically: OUST IV at 115.05% 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 32.98% (roughly $11.59 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 OUST expiries trade a higher absolute premium for lower per-day decay. Position sizing on OUST should anchor to the underlying notional of $35.13 per share and to the trader's directional view on OUST stock.
OUST bull call spread setup
The OUST 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 OUST near $35.13, the first option leg uses a $35.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed OUST 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 OUST shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $35.00 | $4.50 |
| Sell 1 | Call | $37.00 | $3.80 |
OUST bull call spread risk and reward
- Net Premium / Debit
- -$70.00
- Max Profit (per contract)
- $130.00
- Max Loss (per contract)
- -$70.00
- Breakeven(s)
- $35.70
- Risk / Reward Ratio
- 1.857
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.
OUST bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on OUST. 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% | -$70.00 |
| $7.78 | -77.9% | -$70.00 |
| $15.54 | -55.8% | -$70.00 |
| $23.31 | -33.6% | -$70.00 |
| $31.08 | -11.5% | -$70.00 |
| $38.84 | +10.6% | +$130.00 |
| $46.61 | +32.7% | +$130.00 |
| $54.37 | +54.8% | +$130.00 |
| $62.14 | +76.9% | +$130.00 |
| $69.91 | +99.0% | +$130.00 |
When traders use bull call spread on OUST
Bull call spreads on OUST reduce the cost of a bullish OUST stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
OUST thesis for this bull call spread
The market-implied 1-standard-deviation range for OUST extends from approximately $23.54 on the downside to $46.72 on the upside. A OUST bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on OUST, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current OUST IV rank near 68.56% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on OUST should anchor more to the directional view and the expected-move geometry. As a Technology name, OUST options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to OUST-specific events.
OUST 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. OUST positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move OUST alongside the broader basket even when OUST-specific fundamentals are unchanged. Long-premium structures like a bull call spread on OUST 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 OUST chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on OUST?
- A bull call spread on OUST is the bull call spread strategy applied to OUST (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 OUST stock trading near $35.13, the strikes shown on this page are snapped to the nearest listed OUST chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are OUST 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 OUST bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 115.05%), the computed maximum profit is $130.00 per contract and the computed maximum loss is -$70.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a OUST bull call spread?
- The breakeven for the OUST bull call spread priced on this page is roughly $35.70 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 OUST market-implied 1-standard-deviation expected move is approximately 32.98%; 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 OUST?
- Bull call spreads on OUST reduce the cost of a bullish OUST 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 OUST implied volatility affect this bull call spread?
- OUST ATM IV is at 115.05% with IV rank near 68.56%, 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.