Bear Call Spread Calculator
A bear call spread (credit) sells a lower-strike call and hedges with a higher-strike call. Enter strikes and premiums to estimate expiry PnL.
Results
Fill in the inputs and click Calculate.
- Expiry PnL
- –
- Max Loss
- –
- Max Profit
- –
- Break-Even
- –
Risk disclaimer
This calculator shows theoretical single-settlement PnL (USDT/contract) excluding fees. Short calls are rally-sensitive; keep the insurance leg.
When is it suitable?
For mildly bearish or capped views, sell the call to harvest time value and buy the higher call as insurance against a sharp rally.
Below the lower strike at expiry nothing triggers and the credit is kept.
How to use
- Enter the premium received on the short call and paid on the long call.
- Enter both strikes and your expected expiry price.
- Click Calculate to see expiry PnL, limits and break-even.
Formula
- Net Credit = Received − Paid
- Max Profit = Net Credit; Max Loss = Width − Net Credit
- Break-even = Lower Strike + Net Credit
Example
Sell 100 call for 3, buy 110 call for 1 → credit 2. Expiry 90 → PnL 2; above 110 the loss caps at 8.
Break-even = 102.
FAQ
Vs naked short call?
The long high call caps the loss at the price of a smaller credit.
Per contract?
Yes, premiums and PnL are per contract and exclude fees.