TOI Bull Call Spread Strategy
TOI (The Oncology Institute, Inc.), in the Healthcare sector, (Medical - Care Facilities industry), listed on NASDAQ.
The Oncology Institute, Inc., an oncology company, provides medical oncology services in the United States. Its services include physician services, in-house infusion and dispensary, clinical trial services, radiation, outpatient stem cell transplants and transfusions programs, and patient support. The company also offers and manages clinical trial services, such as managing clinical trials, palliative care programs, and stem cell transplants services. It serves adult and senior cancer patients. The company operates 67 clinic locations. The Oncology Institute, Inc. was founded in 2007 and is based in Cerritos, California.
TOI (The Oncology Institute, Inc.) trades in the Healthcare sector, specifically Medical - Care Facilities, with a market capitalization of approximately $407.9M, a beta of 0.36 versus the broader market, a 52-week range of 2.015-4.88, average daily share volume of 1.8M, a public-listing history dating back to 2020, approximately 825 full-time employees. These structural characteristics shape how TOI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.36 indicates TOI 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 TOI?
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 TOI snapshot
As of May 15, 2026, spot at $3.96, ATM IV 80.30%, IV rank 10.54%, expected move 23.02%. The bull call spread on TOI 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 TOI specifically: TOI IV at 80.30% is on the cheap side of its 1-year range, which favors premium-buying structures like a TOI bull call spread, with a market-implied 1-standard-deviation move of approximately 23.02% (roughly $0.91 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 TOI expiries trade a higher absolute premium for lower per-day decay. Position sizing on TOI should anchor to the underlying notional of $3.96 per share and to the trader's directional view on TOI stock.
TOI bull call spread setup
The TOI 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 TOI near $3.96, the first option leg uses a $3.96 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TOI 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 TOI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $3.96 | N/A |
| Sell 1 | Call | $4.16 | N/A |
TOI 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.
TOI bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on TOI. 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 TOI
Bull call spreads on TOI reduce the cost of a bullish TOI stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
TOI thesis for this bull call spread
The market-implied 1-standard-deviation range for TOI extends from approximately $3.05 on the downside to $4.87 on the upside. A TOI bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TOI, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current TOI IV rank near 10.54% 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 TOI at 80.30%. As a Healthcare name, TOI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TOI-specific events.
TOI 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. TOI positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TOI alongside the broader basket even when TOI-specific fundamentals are unchanged. Long-premium structures like a bull call spread on TOI 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 TOI chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on TOI?
- A bull call spread on TOI is the bull call spread strategy applied to TOI (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 TOI stock trading near $3.96, the strikes shown on this page are snapped to the nearest listed TOI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are TOI 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 TOI bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 80.30%), 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 TOI bull call spread?
- The breakeven for the TOI 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 TOI market-implied 1-standard-deviation expected move is approximately 23.02%; 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 TOI?
- Bull call spreads on TOI reduce the cost of a bullish TOI 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 TOI implied volatility affect this bull call spread?
- TOI ATM IV is at 80.30% with IV rank near 10.54%, 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.