How are SNDX 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 SNDX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 72.40%), 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 SNDX bull call spread?

The breakeven for the SNDX bull call spread priced on this page is roughly $20.43 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 SNDX market-implied 1-standard-deviation expected move is approximately 20.76%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.

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

SNDX ATM IV is at 72.40% with IV rank near 31.74%, 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.

SNDX Bull Call Spread Strategy

SNDX (Syndax Pharmaceuticals, Inc.), in the Healthcare sector, (Biotechnology industry), listed on NASDAQ.

Syndax Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, develops therapies for the treatment of cancer. Its lead product candidates are SNDX-5613, which is in phase 1/2 clinical trial targeting the binding interaction of Menin with the mixed lineage leukemia 1 protein for the treatment of MLL-rearranged (MLLr) and nucleophosmin 1 mutant acute myeloid leukemia (NPM1c AML); and SNDX-6352 or axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1, or CSF-1 receptor for the treatment of patients with chronic graft versus host disease (cGVHD). The company is also developing Entinostat. It also has collaborative research and development agreement with National Cancer Institute; a clinical trial agreement with Eastern Cooperative Oncology Group; and a license agreement with Kyowa Hakko Kirin Co., Ltd. Syndax Pharmaceuticals, Inc. was incorporated in 2005 and is headquartered in Waltham, Massachusetts.Massachusetts.

SNDX (Syndax Pharmaceuticals, Inc.) trades in the Healthcare sector, specifically Biotechnology, with a market capitalization of approximately $1.85B, a beta of 0.41 versus the broader market, a 52-week range of 8.58-25.59, average daily share volume of 1.6M, a public-listing history dating back to 2016, approximately 270 full-time employees. These structural characteristics shape how SNDX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 0.41 indicates SNDX has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure.

What is a bull call spread on SNDX?

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 SNDX snapshot

As of May 15, 2026, spot at $20.32, ATM IV 72.40%, IV rank 31.74%, expected move 20.76%. The bull call spread on SNDX 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 SNDX specifically: SNDX IV at 72.40% 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 20.76% (roughly $4.22 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 SNDX expiries trade a higher absolute premium for lower per-day decay. Position sizing on SNDX should anchor to the underlying notional of $20.32 per share and to the trader's directional view on SNDX stock.

SNDX bull call spread setup

The SNDX 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 SNDX near $20.32, the first option leg uses a $20.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed SNDX 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 SNDX shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$20.00	$1.95
Sell 1	Call	$21.00	$1.53

SNDX 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): $20.43
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.

SNDX bull call spread payoff curve

Modeled P&L at expiration across a range of underlying prices for the bull call spread on SNDX. 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%	-$42.50
$4.50	-77.8%	-$42.50
$8.99	-55.7%	-$42.50
$13.49	-33.6%	-$42.50
$17.98	-11.5%	-$42.50
$22.47	+10.6%	+$57.50
$26.96	+32.7%	+$57.50
$31.45	+54.8%	+$57.50
$35.94	+76.9%	+$57.50
$40.44	+99.0%	+$57.50

When traders use bull call spread on SNDX

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

SNDX thesis for this bull call spread

The market-implied 1-standard-deviation range for SNDX extends from approximately $16.10 on the downside to $24.54 on the upside. A SNDX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on SNDX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current SNDX IV rank near 31.74% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on SNDX should anchor more to the directional view and the expected-move geometry. As a Healthcare name, SNDX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to SNDX-specific events.

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

Frequently asked questions

What is a bull call spread on SNDX?: A bull call spread on SNDX is the bull call spread strategy applied to SNDX (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 SNDX stock trading near $20.32, the strikes shown on this page are snapped to the nearest listed SNDX chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are SNDX 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 SNDX bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 72.40%), 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 SNDX bull call spread?: The breakeven for the SNDX bull call spread priced on this page is roughly $20.43 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 SNDX market-implied 1-standard-deviation expected move is approximately 20.76%; 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 SNDX?: Bull call spreads on SNDX reduce the cost of a bullish SNDX 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 SNDX implied volatility affect this bull call spread?: SNDX ATM IV is at 72.40% with IV rank near 31.74%, 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.