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15-min delayed
Strategy · Live on SPY $652.40
Bear call spread
intermediatemoderate riskSell a lower-strike call, buy a higher-strike call. Net credit; profits if stock stays below short strike.
Payoff workbench
Bear call spread on SPY at $652.40
Expiry
Contracts1
Drag anywhere on the chart to test a price at expiryP/L at expiry · 1 contract (100 sh)
▼ −$2,605
at a lossconsider adjusting
Loss zone — P&L −$2,349 at mid-range.
The position is losing money at this price. Evaluate whether to hold, adjust, or close to prevent further losses.
Credit collected
+$395
net across 2 option legs
Your P/L at $744
−$2,605
at the dragged expiry price
Break-even
$693.95
Max loss
−$2,605
Modelled estimate: premiums are approximations from delayed quotes. Confirm at your broker.
Live chain
Pick your strike: SPY calls · 30 days out
How it’s built
The legs: toggle them to see why each one matters
Short 1 call · $690 · 30d
Premium +$455
Long 1 call · $720 · 30d
Cost −$60
Result
Bear call spread
Net credit $140. Max profit $140 if stock ≤ $105. Max loss $360 if stock ≥ $110.
Pairs well with
Unfamiliar term? The glossary defines it in a sentence, and the plain-English guides cover the ideas in longer form.
Educational only, not financial advice. Quotes delayed at least 15 minutes. Premiums, deltas and probabilities are modelled estimates, not live market quotes. Confirm at your broker. Denaras never places trades.