BAC Bull Call Spread — 2026-07-17

BAC (BANK OF AMERICA CORP) shows bullish unusual options activity: $0K of buyer-initiated unusual call flow (0% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.1x on the 60 call. IV rank is 26 (low) — a bull call spread (59/60) trims theta/vega bleed versus a naked long. Buy the $59 / sell the $60 call bull call spread expiring 2026-07-17 (15 DTE) for a net debit of $0.41 ($41 per spread). Breakeven at $59.41; net delta 0.11. NOTE: earnings (2026-07-14) fall inside the trade window — premium will likely crush on the print; sized/structured defensively and not a hold-through-earnings idea.

Underlying: BAC @ ~$58.47 | 2026-07-17 (15 DTE) | Net debit (entry): ~$41 per spread. Use limit orders at the mid or slightly worse.

MAX LOSS: Limited to the net debit ($41 per spread). Max gain is capped at the strike width minus the debit — a defined-risk, defined-reward trade. | IV RISK: IV rank is 26 — reasonable for a debit spread. | TIMING: 15 DTE — unusual flow is a near-term signal; act promptly or the setup may stale. Close or take profit before expiration week to avoid gamma risk. | SECTOR: BAC is in Financials — avoid concentration with other open Financials positions. | EXECUTION: Use limit orders at mid or slightly worse on the spread (don't leg in). Verify the bid-ask before sending; do not chase with market orders. | EARNINGS: Report on 2026-07-14 lands inside this trade. Expect a vol crush on the print — this is structured as a spread for that reason; do not add size into the event.