🎯 $INTW Options Strategy: Bull Call Spread (Debit Spread)

$GraniteShares 2X Long INTC Daily ETF(INTW)$

- Underlying: INTW

- View: Cautiously Bullish (expecting continued upside momentum from the breakout, but aware of extreme overbought RSI and high volatility).

- Strategy Type: Debit Spread / Directional Bullish

- Option Contract Portfolio:

- Buy 1 INTW 19 Jun 2026 $220 Call

- Sell 1 INTW 19 Jun 2026 $245 Call

- Max Gain & Loss: Max Gain = ($245 - $220) - Net Debit Paid. Max Loss = Net Debit Paid.

- Initial Cost/Credit: Debit (Cost). Simulated using provided chain: ~$48.40 (Buy $220C ask) - ~$40.25 (Sell $245C bid) = ~$8.15 Debit per spread.

- Greek Exposure (Simulated):

- Delta: +0.162 (Moderate positive directional exposure). (Buy Delta: ~0.61, Sell Delta: ~-0.537).

- Theta: Slightly Negative to Neutral (~ -0.473 + ~ +0.497 = ~ +0.024). Aims for minimal daily time decay, a key improvement over a long call.

- Vega: Low Positive to Neutral (~ +0.314 - ~ +0.327 = ~ -0.013). Minimal sensitivity to IV changes, protecting against potential IV crush if the rally slows.

- Gamma: Low Positive (near the long strike).

- Rho: Low Positive.

- Rationale: This strategy aligns with a "cautiously bullish" view. It provides leveraged upside exposure between $220 and $245 while capping the maximum risk to the initial debit. It significantly reduces the negative Theta and Vega exposure of a naked long call, which is crucial given the extremely high IV (146.62%) and IV Percentile (98.8%). Profit is realized if INTW is above $228.15 ($220 + $8.15 debit) at expiration. It balances directional bias (Delta) with time decay (Theta) and volatility risk (Vega).

- Time Frame: Medium-Term (to 19 Jun 2026).

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