---
name: skill-bull-call-debit-spread
description: Defined-risk call debit spread for moderate upside. Use for strike width, debit, breakeven, and capped gain.
skill_family: options-strategy
last_updated: 2026-09-30
---

# Bull call debit spread

## 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

Options involve risks and are not suitable for everyone. Read *Characteristics and Risks of Standardized Options* at OptionsEducation.org, or from your broker or the Options Clearing Corporation, before using this structure. Examples omit commissions, fees, margin, interest, and taxes. This is a structured playbook for education. It is not a signal, a recommendation, a solicitation, or a broker order.