Bull Call Spread Calculator
A bull call spread buys a lower-strike call and sells a higher-strike call. Enter strikes, premiums and an expiry price to estimate 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. Before expiry, spreads can deviate due to IV and time.
How does a bull call spread work?
It pairs a pricier near call purchase with a cheaper far call sale to cut net cost and cap the loss, at the price of capped upside.
Above the higher strike the payoff caps at max profit; below the lower strike the loss equals the net debit.
How to use
- Enter the premium paid on the long call and received on the short call.
- Enter both strikes and your expected expiry price.
- Click Calculate to see expiry PnL, limits and break-even.
Formula
- Net Debit = Paid − Received
- Max Profit = Width − Net Debit
- Max Loss = Net Debit; Break-even = Lower Strike + Net Debit
Example
Buy 100 call for 5, sell 110 call for 2 → net 3. Expiry 120 → PnL 7; expiry 90 → −3.
Max profit 7, max loss 3, break-even 103.
FAQ
Why give up upside?
The short far call subsidizes the cost for a lower-risk structure — suited to modest bullish views.
Per contract?
Yes, premiums and PnL are per contract and exclude fees.