Choose live Schwab-backed contracts or enter values manually.
Option legs
Shared live selection with manual fallback.
Long leg · long 1×
Short leg · short 1×
Payoff summary
Defined-risk expiration values.
Net debit
$400.00
Maximum profit
$600.00
Maximum loss
$400.00
Break-even
$104.00
Risk / reward
$1.50
OPTIONS TRADE
MANUAL long call 100 6 / short call 110 2
Expiration
StrategyBULL CALL SPREAD
Contracts1 CONTRACT
Net debit400▲
MAX PROFIT600▲
MAX LOSS400▲
OPTIONS TRADE
MANUAL long call 100 6 / short call 110 2
Expiration
StrategyBULL CALL SPREAD
Contracts1 CONTRACT
Net debit400▲
MAX PROFIT600▲
MAX LOSS400▲
Methodology and risk
Debit spreads pay a net debit; credit spreads receive a net credit. Strike order must form a defined-risk vertical spread. Values exclude commissions, assignment, and early-exercise risk.
How this calculator works
A bull call spread buys a lower-strike call and sells a higher-strike call with the same expiration for a defined debit.
How to use it
Enter the lower long-call strike, higher short-call strike, and net debit. Check that the target is between or above the strikes, then compare the capped reward with the debit at risk before entering the spread.
Formula, payoff, and assumptions
Maximum profit is strike width minus net debit; maximum loss is the net debit; break-even is long strike plus debit.
The spread calculation assumes both calls share an expiration and one contract multiplier. Early closing prices can differ from the expiration payoff because both legs still carry time value.
Practical example
Buying the 100 call for $6 and selling the 110 call for $2 creates a $4 debit and $6 maximum value per share.
Reading this result
The short strike is the point where additional upside no longer improves the expiration payoff. Compare the target price with both the break-even and the capped-profit zone before judging the spread.
Common planning mistake
A lower debit is not automatically better. Check whether the short strike leaves enough room for the bullish scenario you are actually planning.
Risk and limitations
Profit is capped above the short strike and the full debit is at risk. Results exclude fees and assignment effects.
