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15-min delayed
Strategy · Live on SPY $652.40
Cash-backed call
intermediatemoderate riskSell an ATM call and hold cash equal to the strike. A synthetic short put with call mechanics.
Payoff workbench
Cash-backed call 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)
▼ −$2,738
at a lossconsider adjusting
Loss zone — P&L −$7,176 at mid-range.
The position is losing money at this price. Evaluate whether to hold, adjust, or close to prevent further losses.
Credit collected
+$1,360
13.60/sh × 100 sh
Your P/L at $691
−$2,738
at the dragged expiry price
Break-even
$663.6
Max loss
Unlimited
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
Cash collateral $65,000
Backing the short call
Short 1 call · $650 · 30d
Premium +$1,360
Result
Cash-backed call
Cash acts as margin reserve. Profit capped at premium; loss as stock falls below entry.
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.