TRLV Bull Call Spread Strategy
TRLV (Trulieve Cannabis Corp.), in the Healthcare sector, (Medical - Pharmaceuticals industry), listed on NYSE.
Trulieve Cannabis Corp. engages in the cultivation, processing, manufacturing, and retail distribution of medical and adult-use cannabis products. It cultivates and produces its products in-house and distributes to its branded stores, as well as directly to patients via home delivery. The company was founded by Kim Rivers & Jason Pernell on September 17, 1940 and is headquartered in Tallahassee, FL.
TRLV (Trulieve Cannabis Corp.) trades in the Healthcare sector, specifically Medical - Pharmaceuticals, with a market capitalization of approximately $1.55B, a beta of 1.72 versus the broader market, a 52-week range of 4.616-13.28, average daily share volume of 929K, a public-listing history dating back to 2018, approximately 5K full-time employees. These structural characteristics shape how TRLV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.72 indicates TRLV has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a bull call spread on TRLV?
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.
TRLV snapshot
As of August 14, 2026, spot at $9.56, ATM IV 83.80%, expected move 24.02%. The bull call spread on TRLV below is built from the end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 35-day expiry.
Why this bull call spread structure on TRLV specifically: IV rank is unavailable in the current snapshot, so regime-based timing for TRLV is inferred from ATM IV at 83.80% alone, with a market-implied 1-standard-deviation move of approximately 24.02% (roughly $2.30 on the underlying). The 35-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated TRLV expiries trade a higher absolute premium for lower per-day decay. Position sizing on TRLV should anchor to the underlying notional of $9.56 per share and to the trader's directional view on TRLV stock.
TRLV bull call spread setup
The TRLV 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 TRLV at $9.56 on that close, the first option leg uses a $9.56 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed TRLV chain at a 35-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 TRLV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $9.56 | N/A |
| Sell 1 | Call | $10.04 | N/A |
TRLV 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.
TRLV bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on TRLV. 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 TRLV
Bull call spreads on TRLV reduce the cost of a bullish TRLV stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
TRLV thesis for this bull call spread
The market-implied 1-standard-deviation range for TRLV extends from approximately $7.26 on the downside to $11.86 on the upside. A TRLV bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on TRLV, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Healthcare name, TRLV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to TRLV-specific events.
TRLV 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. TRLV positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move TRLV alongside the broader basket even when TRLV-specific fundamentals are unchanged. Long-premium structures like a bull call spread on TRLV 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 TRLV chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on TRLV?
- A bull call spread on TRLV is the bull call spread strategy applied to TRLV (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 TRLV stock at $9.56 on the most recent close, the strikes shown on this page are snapped to the nearest listed TRLV chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are TRLV 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 TRLV bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 83.80%), 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 TRLV bull call spread?
- The breakeven for the TRLV bull call spread priced on this page is no defined breakeven on the modeled curve at expiration, derived from the end-of-day chain's premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The TRLV market-implied 1-standard-deviation expected move in the same options snapshot is approximately 24.02%; 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 TRLV?
- Bull call spreads on TRLV reduce the cost of a bullish TRLV 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 TRLV implied volatility affect this bull call spread?
- Current TRLV ATM IV is 83.80%; IV rank context is unavailable in the current snapshot.