TMCI Bull Call Spread Strategy

TMCI (Treace Medical Concepts, Inc.), in the Healthcare sector, (Medical - Devices industry), listed on NASDAQ.

Treace Medical Concepts, Inc., an orthopedic medical device company, engages in the design, manufacture, and marketing of medical devices for foot and ankle surgeons in the United States. It offers Lapiplasty procedure that allows podiatric surgeons to treat all three dimensions of the bunion, providing patients with a cosmetic and medical improvement. The company also provides Lapiplasty Mini-Incision precision system. In addition, it offers products to address ancillary surgical procedures, including akin osteotomies, weil osteotomies, intercuneiform stabilization, lesser tarsometatarsal joint fusions, and autograft bone harvesting, as well as for MTP fusion. Treace Medical Concepts, Inc. was founded in 2013 and is headquartered in Ponte Vedra Beach, Florida.

TMCI (Treace Medical Concepts, Inc.) trades in the Healthcare sector, specifically Medical - Devices, with a market capitalization of approximately $164.1M, a beta of 1.11 versus the broader market, a 52-week range of 1.17-7.78, average daily share volume of 828K, a public-listing history dating back to 2021, approximately 477 full-time employees. These structural characteristics shape how TMCI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.

A beta of 1.11 places TMCI 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 TMCI?

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 TMCI snapshot

As of May 15, 2026, spot at $2.69, ATM IV 76.20%, IV rank 15.06%, expected move 21.85%. The bull call spread on TMCI 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 TMCI specifically: TMCI IV at 76.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a TMCI bull call spread, with a market-implied 1-standard-deviation move of approximately 21.85% (roughly $0.59 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 TMCI expiries trade a higher absolute premium for lower per-day decay. Position sizing on TMCI should anchor to the underlying notional of $2.69 per share and to the trader's directional view on TMCI stock.

TMCI bull call spread setup

The TMCI 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 TMCI near $2.69, the first option leg uses a $2.69 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TMCI 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 TMCI shares for the stock leg in covered calls and collars).

Action	Type	Strike / Basis	Premium (est)
Buy 1	Call	$2.69	N/A
Sell 1	Call	$2.82	N/A

TMCI bull call spread risk and reward

Net Premium / Debit: N/A
Max Profit (per contract): Unbounded
Max Loss (per contract): Unbounded
Breakeven(s): None on modeled curve
Risk / Reward Ratio: N/A

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.

TMCI bull call spread payoff curve

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

When traders use bull call spread on TMCI

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

TMCI thesis for this bull call spread

The market-implied 1-standard-deviation range for TMCI extends from approximately $2.10 on the downside to $3.28 on the upside. A TMCI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TMCI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TMCI IV rank near 15.06% 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 TMCI at 76.20%. As a Healthcare name, TMCI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TMCI-specific events.

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

Frequently asked questions

What is a bull call spread on TMCI?: A bull call spread on TMCI is the bull call spread strategy applied to TMCI (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 TMCI stock trading near $2.69, the strikes shown on this page are snapped to the nearest listed TMCI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
How are TMCI 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 TMCI bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 76.20%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
What is the breakeven for a TMCI bull call spread?: The breakeven for the TMCI bull call spread priced on this page is no defined breakeven on the modeled curve 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 TMCI market-implied 1-standard-deviation expected move is approximately 21.85%; 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 TMCI?: Bull call spreads on TMCI reduce the cost of a bullish TMCI 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 TMCI implied volatility affect this bull call spread?: TMCI ATM IV is at 76.20% with IV rank near 15.06%, 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.