Bear call spread (credit)
intermediatebearishStrategy parameters
Greeks (current)
Delta
-21.911
Gamma
-0.490
Theta
0.851
Vega
-1.209
Rho
-1.642
Payoff diagram
P&L at expiryP&L today (theoretical)Current spot
Key metrics
Net cost
-$193.74
Credit (received)
Max profit
$193.74
Max loss
-$306.26
Breakevens
$101.94
Scenarios at expiry
| Move | Spot | P&L at expiry | % of cost |
|---|---|---|---|
| -20% | $80.00 | $193.74 | 100.0% |
| -10% | $90.00 | $193.74 | 100.0% |
| -5% | $95.00 | $193.74 | 100.0% |
| +0% | $100.00 | $193.74 | 100.0% |
| +5% | $105.00 | -$306.26 | -158.1% |
| +10% | $110.00 | -$306.26 | -158.1% |
| +20% | $120.00 | -$306.26 | -158.1% |
Mechanics & risks
How it works
Sell a call at a lower strike, buy a call at a higher strike (protection). Net credit upfront. Profitable if the stock stays below the lower strike.
When to use
You expect the stock to stay flat or drift down.
Risks
- Maximum profit = net credit.
- Maximum loss = (higher − lower strike) × 100 − credit.