Bull call spread
intermediatebullishStrategy parameters
Greeks (current)
Delta
43.734
Gamma
-0.456
Theta
0.085
Vega
-1.125
Rho
3.184
Payoff diagram
P&L at expiryP&L today (theoretical)Current spot
Key metrics
Net cost
$499.90
Debit (paid)
Max profit
$500.10
Max loss
-$499.90
Breakevens
$100.00
Scenarios at expiry
| Move | Spot | P&L at expiry | % of cost |
|---|---|---|---|
| -20% | $80.00 | -$499.90 | -100.0% |
| -10% | $90.00 | -$499.90 | -100.0% |
| -5% | $95.00 | -$499.90 | -100.0% |
| +0% | $100.00 | $0.10 | 0.0% |
| +5% | $105.00 | $500.10 | 100.0% |
| +10% | $110.00 | $500.10 | 100.0% |
| +20% | $120.00 | $500.10 | 100.0% |
Mechanics & risks
How it works
Buy a call at a lower strike, sell a call at a higher strike (same expiry). Cheaper than a naked long call: the short call funds part of the premium, but capping your upside.
When to use
You expect a moderate rise — enough to clear the lower strike, but not far past the upper one.
Risks
- Maximum loss = net debit paid.
- Maximum profit = (upper - lower strike) × 100 − net debit.
- Both legs share expiry, so timing matters.