# skill-bull-call-debit-spread — checklist

Review before education output. This list does not approve a trade.

## When to use
- [ ] The thesis is moderate upside into one expiry, not an unbounded rally.
- [ ] The most that can be lost must be the debit paid.

## Setup
- [ ] Buy the lower-strike call. Sell the higher-strike call. Same expiry.
- [ ] Net debit. Max loss is the debit. Max gain is the strike width minus the debit.
- [ ] Breakeven is the long strike plus the debit.

## Rules of thumb
- [ ] Compare the width to the move you are illustrating. A debit that is most of the width leaves little room.
- [ ] State flat, up, and down paths, including expiry below the long strike (debit lost).
- [ ] An early exit is part of the playbook when most of the width has been earned or when time decay is the remaining driver.

## Pitfalls
- [ ] Treating max gain as the expected result.
- [ ] Expiry too short for the move the debit assumes.
- [ ] Forgetting the short call caps gains above the higher strike.

## Disclaimer
- [ ] Disclosure is present: risks, the options disclosure document, and omitted costs.
- [ ] The answer is education. It is not a signal, a recommendation, or an order.