WDCX Bull Call Spread Strategy
WDCX (Tradr 2X Long WDC Daily ETF), in the Financial Services sector, (Asset Management industry), listed on CBOE.
The Fund seeks daily investment results, before fees and expenses, that correspond to two times (200%) the daily performance of the common shares of Nasdaq: WDC. The Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the daily performance of WDC.
WDCX (Tradr 2X Long WDC Daily ETF) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $52.2M, a beta of 9.60 versus the broader market, a 52-week range of 7.46-69, average daily share volume of 1.7M, a public-listing history dating back to 2026. These structural characteristics shape how WDCX stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 9.60 indicates WDCX 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 WDCX?
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.
WDCX snapshot
As of August 14, 2026, spot at $22.18, ATM IV 142.50%, expected move 40.85%. The bull call spread on WDCX below is built from the August 14, 2026 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 WDCX specifically: IV rank is unavailable in the current snapshot, so regime-based timing for WDCX is inferred from ATM IV at 142.50% alone, with a market-implied 1-standard-deviation move of approximately 40.85% (roughly $9.06 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 WDCX expiries trade a higher absolute premium for lower per-day decay. Position sizing on WDCX should anchor to the underlying notional of $22.18 per share and to the trader's directional view on WDCX stock.
WDCX bull call spread setup
The WDCX bull call spread below is built from the August 14, 2026 end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With WDCX at $22.18 on that close, the first option leg uses a $21.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed WDCX 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 WDCX shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $21.67 | $4.00 |
| Sell 1 | Call | $23.33 | $3.25 |
WDCX bull call spread risk and reward
- Net Premium / Debit
- -$75.00
- Max Profit (per contract)
- $91.00
- Max Loss (per contract)
- -$75.00
- Breakeven(s)
- $22.42
- Risk / Reward Ratio
- 1.213
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.
WDCX bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on WDCX. 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% | -$75.00 |
| $4.91 | -77.8% | -$75.00 |
| $9.82 | -55.7% | -$75.00 |
| $14.72 | -33.6% | -$75.00 |
| $19.62 | -11.5% | -$75.00 |
| $24.53 | +10.6% | +$91.00 |
| $29.43 | +32.7% | +$91.00 |
| $34.33 | +54.8% | +$91.00 |
| $39.23 | +76.9% | +$91.00 |
| $44.14 | +99.0% | +$91.00 |
When traders use bull call spread on WDCX
Bull call spreads on WDCX reduce the cost of a bullish WDCX stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
WDCX thesis for this bull call spread
The market-implied 1-standard-deviation range for WDCX extends from approximately $13.12 on the downside to $31.24 on the upside. A WDCX bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on WDCX, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. As a Financial Services name, WDCX options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to WDCX-specific events.
WDCX 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. WDCX positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move WDCX alongside the broader basket even when WDCX-specific fundamentals are unchanged. Long-premium structures like a bull call spread on WDCX 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 WDCX chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on WDCX?
- A bull call spread on WDCX is the bull call spread strategy applied to WDCX (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 WDCX stock at $22.18 on the August 14, 2026 close, the strikes shown on this page are snapped to the nearest listed WDCX chain strike and the premiums come straight from that session's bid/ask midpoint.
- How are WDCX 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 WDCX bull call spread priced from the August 14, 2026 end-of-day chain at a 30-day expiry (ATM IV 142.50%), the computed maximum profit is $91.00 per contract and the computed maximum loss is -$75.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a WDCX bull call spread?
- The breakeven for the WDCX bull call spread priced on this page is roughly $22.42 at expiration, derived from the August 14, 2026 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 WDCX market-implied 1-standard-deviation expected move in the same options snapshot is approximately 40.85%; 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 WDCX?
- Bull call spreads on WDCX reduce the cost of a bullish WDCX 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 WDCX implied volatility affect this bull call spread?
- Current WDCX ATM IV is 142.50%; IV rank context is unavailable in the current snapshot.