← All strategies
15-min delayed
Strategy · Live on SPY $652.40
Bull call spread
intermediatemoderate riskBuy a lower-strike call, sell a higher-strike call. Defined debit, defined upside.
Payoff workbench
Bull 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)
▲ +$3,095
in profitposition working
Profitable zone — P&L +$2,088 at mid-range.
The position is profitable at this price level. Consider your exit plan and whether you've reached your target return.
Cost to open
−$905
net across 2 option legs
Your P/L at $720
+$3,095
at the dragged expiry price
Break-even
$659.05
Max loss
−$905
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
Long 1 call · $650 · 30d
Cost −$1,360
Short 1 call · $690 · 30d
Premium +$455
Result
Bull call spread
Net debit $180. Max profit $320 if stock ≥ $105. Max loss $180 if stock ≤ $100.
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.