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Bull call spread calculator
cheaper than a call, with a ceiling

A bull call spread buys one call and sells a higher one, financing part of the cost with the call you sell. It is the standard answer to "I think this goes up, but I don't want to pay full price for a call." You give up everything above the short strike in exchange for a cheaper entry and a lower breakeven.

Outlook: Bullish

Max profit

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best case at expiry

Max loss

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worst case at expiry

Breakeven

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where the trade turns even

Net debit / credit

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to open the position

Your bull call spread

Per-share premiums. One contract = 100 shares.

Underlying price

Long call @ strike

Premium paid

Short call @ strike

Premium collected

Contracts

100 shares per contract

Profit at expiry Loss at expiry Breakeven Strikes & spot

How a bull call spread pays

Net debit = premium paid − premium collected Max profit = (strike width − net debit) × 100 × contracts Max loss = net debit × 100 × contracts Breakeven = long strike + net debit

Both risk and reward are capped. You know your worst case and your best case the moment you open — this is a defined-risk position on both sides.
The breakeven beats a naked call. Selling the upper call lowers your cost, which lowers your breakeven. You need less of a move to profit.
The ceiling is the price. Above the short strike, gains stop. If the stock doubles, you still make only the spread width less what you paid.

Worth naming. Bull call spreads look efficient because the max-profit number is large relative to the debit. That ratio assumes the stock finishes above the short strike — check how far away that actually is before treating the maximum as the expected outcome.

What this does not model

Every figure here is the payoff at expiry. Before then your position is marked at market prices that still carry time value, so a trade can show a loss while sitting exactly where you wanted it — falling implied volatility alone will do that.

Short legs carry assignment risk. American-style options can be exercised at any time, most commonly on in-the-money calls just before an ex-dividend date. The diagram assumes you hold every leg to expiry.

For the full version — Greeks, marks and what-if scenarios — that is what the GreeksView desk does, in your browser, against option-chain figures from our licensed market-data feed.

Frequently asked questions

What is the maximum profit on a bull call spread?

The width between the strikes minus the net debit, times 100 per contract. Buy the 100 call for $4.00 and sell the 110 for $1.50 — a $2.50 net debit on a $10 wide spread — and the most you can make is $750, realised anywhere at or above 110 at expiry.

What is the breakeven on a bull call spread?

The long call's strike plus the net debit. In the example above, 100 + 2.50 = $102.50. Note that is lower than the $104.00 breakeven on buying the 100 call outright — the short call paid for part of your position.

When should I use a spread instead of just buying a call?

When you have a target in mind rather than an open-ended view. If you expect a move to roughly 110, the calls above 110 are worth little to you, so selling them is nearly free money. If you think the stock could run far beyond that, capping your upside is a real cost.

What happens if only one leg is assigned?

You end up short 100 shares per contract if your short call is assigned while the long call is still open. Most brokers will let you exercise the long call to cover, but it can create an overnight margin call. Closing both legs together avoids it.

Are commissions included in these numbers?

No — every figure is gross. On multi-leg positions this matters more than people expect: four legs to open and four to close is eight commissions against what may be a couple of hundred dollars of credit. Check your broker's per-contract rate against the max profit shown here before deciding a trade is worth putting on.

See it on a real chain

The numbers above are the ones you typed. Here is a bull call spread built from SPY's own chain at the last close — real strikes, real premiums, with its breakevens and probability of profit.

SPY bull call spread, priced from the close →

Run this on the GreeksView desk against a real option chain

GreeksView builds positions from real option chains, with Greeks labelled by source and delay, gamma exposure and what-if scenarios — in your browser, on figures from our licensed market-data feed.

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Educational tool only — not investment advice, and not a recommendation to enter any position. Options involve substantial risk and are not suitable for every investor. Figures are theoretical, exclude commissions and taxes, and assume the position is held to expiry. GreeksView is not a broker and does not hold funds.