Bull Call Spread
You expect a rise, but a moderate one — no rocket. You bet on the upside cheaper than a plain buy: lower entry and capped risk — but profit only up to a preset ceiling.
How the Bull Call Spread works
The sold higher call partly funds the bought lower call — cheaper than a plain Long Call, but profit is capped at the higher strike. Risk is only the debit paid.
Placing strikes at GEX levels
Set the upper (sold) call at the Call Wall — the likely ceiling and your target; buy the lower call near support. The ideal regime is mildly bullish.
The Call Wall is computed live in the GEX Terminal — build the spread in the Position Builder.
When to open, the Greeks and managing the position
Open it in a steady uptrend when you're confident of a rise but don't expect an explosive, parabolic move. Selling the upper strike markedly reduces theta drag versus a plain Long Call, making the position sturdier through short-term consolidation. Breakeven = lower strike + debit.
Greeks: less negative theta than a lone call thanks to the sold upper leg. Management: profit is capped at the upper strike — take it at the target rather than counting on more.
FAQ
It is cheaper via the sold higher call, but profit is capped at the higher strike.
The lower strike plus the debit paid.
Build the Bull Call Spread on live BTC and ETH quotes in the Position Builder.
Open the Position BuilderRelated strategies
Information is for educational purposes only and does not constitute investment advice. Options trading carries high risk.