How are REPL 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 REPL bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 193.06%), the computed maximum profit is $7.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.

What is the breakeven for a REPL bull call spread?

The breakeven for the REPL bull call spread priced on this page is roughly $11.93 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 REPL market-implied 1-standard-deviation expected move is approximately 55.35%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

REPL ATM IV is at 193.06% with IV rank near 42.18%, 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.

REPL Bull Call Spread Strategy

REPL (Replimune Group, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Replimune Group, Inc. is a biotechnology enterprise dedicated to pioneering oncolytic immuno-gene therapies aimed at treating various cancers. The company leverages its proprietary Immunotherapy platform to engineer and advance novel therapeutic candidates designed to activate the body's immune system against malignant cells. Its leading experimental drug, RP1, is a selectively replicating variant of the herpes simplex virus 1. This candidate is presently in Phase I/II clinical trials for a range of solid tumors and has also progressed to Phase II trials specifically for patients with cutaneous squamous cell carcinoma. Replimune is additionally developing RP2, an anti-CTLA-4 antibody-like protein, which is undergoing Phase I clinical assessment. Its purpose is to counteract the immune system's suppression often mediated by CTLA-4.

REPL (Replimune Group, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $960.3M, a beta of 0.91 versus the broader market, a 52-week range of 1.5-13.24, average daily share volume of 7.8M, a public-listing history dating back to 2018, approximately 479 full-time employees. These structural characteristics shape how REPL stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.91 places REPL roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.

What is a bull call spread on REPL?

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 REPL snapshot

As of June 30, 2026, spot at $11.12, ATM IV 193.06%, IV rank 42.18%, expected move 55.35%. The bull call spread on REPL 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 31-day expiry.

Why this bull call spread structure on REPL specifically: REPL IV at 193.06% 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 55.35% (roughly $6.15 on the underlying). The 31-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated REPL expiries trade a higher absolute premium for lower per-day decay. Position sizing on REPL should anchor to the underlying notional of $11.12 per share and to the trader's directional view on REPL stock.

REPL bull call spread setup

The REPL 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 REPL near $11.12, 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 REPL chain at a 31-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 REPL shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$11.00	$2.95
Sell 1	Call	$12.00	$2.03

REPL bull call spread risk and reward

Net Premium / Debit: -$92.50
Max Profit (per contract): $7.50
Max Loss (per contract): -$92.50
Breakeven(s): $11.93
Risk / Reward Ratio: 0.081

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.

REPL bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on REPL. 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%	-$92.50
$2.47	-77.8%	-$92.50
$4.93	-55.7%	-$92.50
$7.38	-33.6%	-$92.50
$9.84	-11.5%	-$92.50
$12.30	+10.6%	+$7.50
$14.76	+32.7%	+$7.50
$17.21	+54.8%	+$7.50
$19.67	+76.9%	+$7.50
$22.13	+99.0%	+$7.50

When traders use bull call spread on REPL

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

REPL thesis for this bull call spread

The market-implied 1-standard-deviation range for REPL extends from approximately $4.97 on the downside to $17.27 on the upside. A REPL bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on REPL, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current REPL IV rank near 42.18% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on REPL should anchor more to the directional view and the expected-move geometry. As a Healthcare name, REPL options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to REPL-specific events.

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

Frequently asked questions

What is a bull call spread on REPL?: A bull call spread on REPL is the bull call spread strategy applied to REPL (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 REPL stock trading near $11.12, the strikes shown on this page are snapped to the nearest listed REPL chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are REPL 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 REPL bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 193.06%), the computed maximum profit is $7.50 per contract and the computed maximum loss is -$92.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a REPL bull call spread?: The breakeven for the REPL bull call spread priced on this page is roughly $11.93 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 REPL market-implied 1-standard-deviation expected move is approximately 55.35%; 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 REPL?: Bull call spreads on REPL reduce the cost of a bullish REPL 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 REPL implied volatility affect this bull call spread?: REPL ATM IV is at 193.06% with IV rank near 42.18%, 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.