PI Bull Call Spread Strategy
PI (Impinj, Inc.), in the Technology sector, (Communication Equipment industry), listed on NASDAQ.
Impinj, Inc. operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item. Its platform also consists of systems products that comprise reader ICs, readers, and gateways to wirelessly provide power to and communicate bidirectionally with endpoint ICs on host items, as well as to read, write, authenticate, and engage the endpoint ICs on those items; and software and algorithms that enables its partners to deliver use cases, such as retail self-checkout and loss prevention, and warehouse pallet and carton tracking to end-users. The company primarily serves retail, supply chain and logistics, aviation, automotive, healthcare, industrial and manufacturing, sports, food, datacenter, travel, banking, and linen and uniform tracking sectors through distributors, system integrators, value-added resellers, and software solution partners. Impinj, Inc. was incorporated in 2000 and is headquartered in Seattle, Washington.
PI (Impinj, Inc.) trades in the Technology sector, specifically Communication Equipment, with a market capitalization of approximately $4.50B, a beta of 1.93 versus the broader market, a 52-week range of 87.36-247.064, average daily share volume of 579K, a public-listing history dating back to 2016, approximately 451 full-time employees. These structural characteristics shape how PI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.93 indicates PI 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 PI?
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 PI snapshot
As of May 15, 2026, spot at $140.62, ATM IV 70.90%, IV rank 33.45%, expected move 20.33%. The bull call spread on PI 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 PI specifically: PI IV at 70.90% 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 20.33% (roughly $28.58 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 PI expiries trade a higher absolute premium for lower per-day decay. Position sizing on PI should anchor to the underlying notional of $140.62 per share and to the trader's directional view on PI stock.
PI bull call spread setup
The PI 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 PI near $140.62, the first option leg uses a $140.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PI 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 PI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $140.00 | $13.00 |
| Sell 1 | Call | $150.00 | $8.90 |
PI bull call spread risk and reward
- Net Premium / Debit
- -$410.00
- Max Profit (per contract)
- $590.00
- Max Loss (per contract)
- -$410.00
- Breakeven(s)
- $144.10
- Risk / Reward Ratio
- 1.439
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.
PI bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on PI. 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% | -$410.00 |
| $31.10 | -77.9% | -$410.00 |
| $62.19 | -55.8% | -$410.00 |
| $93.28 | -33.7% | -$410.00 |
| $124.37 | -11.6% | -$410.00 |
| $155.46 | +10.6% | +$590.00 |
| $186.55 | +32.7% | +$590.00 |
| $217.65 | +54.8% | +$590.00 |
| $248.74 | +76.9% | +$590.00 |
| $279.83 | +99.0% | +$590.00 |
When traders use bull call spread on PI
Bull call spreads on PI reduce the cost of a bullish PI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
PI thesis for this bull call spread
The market-implied 1-standard-deviation range for PI extends from approximately $112.04 on the downside to $169.20 on the upside. A PI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on PI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current PI IV rank near 33.45% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on PI should anchor more to the directional view and the expected-move geometry. As a Technology name, PI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PI-specific events.
PI 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. PI positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move PI alongside the broader basket even when PI-specific fundamentals are unchanged. Long-premium structures like a bull call spread on PI 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 PI chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on PI?
- A bull call spread on PI is the bull call spread strategy applied to PI (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 PI stock trading near $140.62, the strikes shown on this page are snapped to the nearest listed PI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are PI 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 PI bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 70.90%), the computed maximum profit is $590.00 per contract and the computed maximum loss is -$410.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a PI bull call spread?
- The breakeven for the PI bull call spread priced on this page is roughly $144.10 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 PI market-implied 1-standard-deviation expected move is approximately 20.33%; 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 PI?
- Bull call spreads on PI reduce the cost of a bullish PI 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 PI implied volatility affect this bull call spread?
- PI ATM IV is at 70.90% with IV rank near 33.45%, 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.