How are PTEN 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 PTEN bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 53.70%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a PTEN bull call spread?

The breakeven for the PTEN bull call spread priced on this page is roughly $11.43 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 PTEN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.40%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

PTEN ATM IV is at 53.70% with IV rank near 4.96%, 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.

PTEN Bull Call Spread Strategy

PTEN (Patterson-UTI Energy, Inc.), in the Energy sector, (Oil & Gas Drilling industry), listed on NASDAQ.

Patterson-UTI Energy, Inc. (PTEN) is a key provider of onshore contract drilling services for oil and natural gas exploration and production companies. Its operations span across the United States and international markets. The company's diverse business model is structured around three primary segments: 1. Contract Drilling Services: This division delivers drilling solutions predominantly in prominent U.S. basins such as West Texas, Appalachia, the Rockies, Oklahoma, and both South and East Texas, alongside operations in Colombia. As of late 2021, its robust fleet comprised 192 marketable land-based drilling rigs. 2. Pressure Pumping Services: Specializing in well site operations, this segment provides a range of pressure pumping services.

PTEN (Patterson-UTI Energy, Inc.) trades in the Energy sector, specifically Oil & Gas Drilling, with a market capitalization of approximately $4.18B, a beta of 0.65 versus the broader market, a 52-week range of 5.1-13.08, average daily share volume of 9.5M, a public-listing history dating back to 1993, approximately 8K full-time employees. These structural characteristics shape how PTEN stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.65 indicates PTEN has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. PTEN 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 PTEN?

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.

PTEN snapshot

As of August 14, 2026, spot at $11.39, ATM IV 53.70%, IV rank 4.96%, expected move 15.40%. The bull call spread on PTEN 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 PTEN specifically: PTEN IV at 53.70% is on the cheap side of its 1-year range, which favors premium-buying structures like a PTEN bull call spread, with a market-implied 1-standard-deviation move of approximately 15.40% (roughly $1.75 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 PTEN expiries trade a higher absolute premium for lower per-day decay. Position sizing on PTEN should anchor to the underlying notional of $11.39 per share and to the trader's directional view on PTEN stock.

PTEN bull call spread setup

The PTEN 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 PTEN at $11.39 on that close, the first option leg uses a $11.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed PTEN 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 PTEN shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$11.00	$0.88
Sell 1	Call	$12.00	$0.45

PTEN bull call spread risk and reward

Net Premium / Debit: -$42.50
Max Profit (per contract): $57.50
Max Loss (per contract): -$42.50
Breakeven(s): $11.43
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.

PTEN bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on PTEN. 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.

P&L at expiration across the modeled underlying-price range. Green shading marks profitable regions, red shading marks loss regions. Dotted purple verticals mark breakevens; the solid dark vertical marks current spot.

Underlying Price	% From Spot	P&L at Expiration
$0.01	-99.9%	-$42.50
$2.53	-77.8%	-$42.50
$5.04	-55.7%	-$42.50
$7.56	-33.6%	-$42.50
$10.08	-11.5%	-$42.50
$12.60	+10.6%	+$57.50
$15.11	+32.7%	+$57.50
$17.63	+54.8%	+$57.50
$20.15	+76.9%	+$57.50
$22.67	+99.0%	+$57.50

When traders use bull call spread on PTEN

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

PTEN thesis for this bull call spread

The market-implied 1-standard-deviation range for PTEN extends from approximately $9.64 on the downside to $13.14 on the upside. A PTEN bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on PTEN, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current PTEN IV rank near 4.96% 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 PTEN at 53.70%. As a Energy name, PTEN options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to PTEN-specific events.

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

Frequently asked questions

What is a bull call spread on PTEN?: A bull call spread on PTEN is the bull call spread strategy applied to PTEN (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 PTEN stock at $11.39 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed PTEN chain strike and the premiums come straight from that session's bid/ask midpoint.
How are PTEN 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 PTEN bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 53.70%), the computed maximum profit is $57.50 per contract and the computed maximum loss is -$42.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a PTEN bull call spread?: The breakeven for the PTEN bull call spread priced on this page is roughly $11.43 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 PTEN market-implied 1-standard-deviation expected move in the same options snapshot is approximately 15.40%; 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 PTEN?: Bull call spreads on PTEN reduce the cost of a bullish PTEN 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 PTEN implied volatility affect this bull call spread?: PTEN ATM IV is at 53.70% with IV rank near 4.96%, 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.