TFII Bull Call Spread Strategy
TFII (TFI International Inc.), in the Industrials sector, (Trucking industry), listed on NYSE.
TFI International Inc. provides transportation and logistics services in the United States, Canada, and Mexico. The company operates through Package and Courier, Less-Than-Truckload (LTL), Truckload (TL), and Logistics segments. The Package and Courier segment engages in the pickup, transport, and delivery of items. The LTL segment is involved in the pickup, consolidation, transportation, and delivery of smaller loads. The TL segment offers expedited transportation, flatbed, tank container, and dedicated services, as well as TL brokerage services. This segment carries full loads directly from the customer to the destination using a closed van or specialized equipment.
TFII (TFI International Inc.) trades in the Industrials sector, specifically Trucking, with a market capitalization of approximately $11.02B, a trailing P/E of 33.80, a beta of 1.46 versus the broader market, a 52-week range of 80.63-149.09, average daily share volume of 389K, a public-listing history dating back to 2005, approximately 26K full-time employees. These structural characteristics shape how TFII stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.46 indicates TFII has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. TFII 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 TFII?
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 TFII snapshot
As of May 15, 2026, spot at $141.62, ATM IV 41.80%, IV rank 58.17%, expected move 11.98%. The bull call spread on TFII 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 TFII specifically: TFII IV at 41.80% 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 11.98% (roughly $16.97 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 TFII expiries trade a higher absolute premium for lower per-day decay. Position sizing on TFII should anchor to the underlying notional of $141.62 per share and to the trader's directional view on TFII stock.
TFII bull call spread setup
The TFII 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 TFII near $141.62, 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 TFII 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 TFII shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $140.00 | $8.35 |
| Sell 1 | Call | $150.00 | $3.85 |
TFII bull call spread risk and reward
- Net Premium / Debit
- -$450.00
- Max Profit (per contract)
- $550.00
- Max Loss (per contract)
- -$450.00
- Breakeven(s)
- $144.50
- Risk / Reward Ratio
- 1.222
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.
TFII bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on TFII. 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% | -$450.00 |
| $31.32 | -77.9% | -$450.00 |
| $62.63 | -55.8% | -$450.00 |
| $93.95 | -33.7% | -$450.00 |
| $125.26 | -11.6% | -$450.00 |
| $156.57 | +10.6% | +$550.00 |
| $187.88 | +32.7% | +$550.00 |
| $219.19 | +54.8% | +$550.00 |
| $250.50 | +76.9% | +$550.00 |
| $281.82 | +99.0% | +$550.00 |
When traders use bull call spread on TFII
Bull call spreads on TFII reduce the cost of a bullish TFII stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
TFII thesis for this bull call spread
The market-implied 1-standard-deviation range for TFII extends from approximately $124.65 on the downside to $158.59 on the upside. A TFII bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TFII, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TFII IV rank near 58.17% is mid-range against its 1-year distribution, so the IV signal is neutral; the bull call spread thesis on TFII should anchor more to the directional view and the expected-move geometry. As a Industrials name, TFII options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TFII-specific events.
TFII 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. TFII positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TFII alongside the broader basket even when TFII-specific fundamentals are unchanged. Long-premium structures like a bull call spread on TFII 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 TFII chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on TFII?
- A bull call spread on TFII is the bull call spread strategy applied to TFII (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 TFII stock trading near $141.62, the strikes shown on this page are snapped to the nearest listed TFII chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TFII 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 TFII bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 41.80%), the computed maximum profit is $550.00 per contract and the computed maximum loss is -$450.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a TFII bull call spread?
- The breakeven for the TFII bull call spread priced on this page is roughly $144.50 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 TFII market-implied 1-standard-deviation expected move is approximately 11.98%; 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 TFII?
- Bull call spreads on TFII reduce the cost of a bullish TFII 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 TFII implied volatility affect this bull call spread?
- TFII ATM IV is at 41.80% with IV rank near 58.17%, 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.