所有期權指南
Bullish strategies5 minute read
Long call vs bull call spread
Compare uncapped upside, entry cost, break-even, and capped payoff in two bullish option positions
由 Mark 撰寫 · 官方資料列於文末
直接解答
A long call buys one call and keeps upside above its break-even, while a bull call spread buys a lower-strike call and sells a higher-strike call with the same expiration. The short call reduces the net debit but caps the expiration payoff. Neither position guarantees a gain, and both can lose their premium when the stock does not move enough by expiration
The debit changes the hurdle
A long call's expiration break-even is its strike plus premium paid. A bull call spread uses its net debit, which can lower the break-even but also changes the maximum possible payoff. Quote values are per share before the contract multiplier and costs
The ceiling is part of the trade
Above the short call strike, gains on the long call are offset by losses on the short call. The spread's maximum expiration value is the strike width, so maximum profit is width minus net debit. A standalone long call has no such capped upside
Compare like with like
Use the same stock price, expiration, and a stated target when comparing. A cheaper spread is not automatically better if the target sits above its short strike; an uncapped call is not automatically better if the additional debit is too large for the plan
資料來源與延伸閱讀
從正在考慮的合約開始
選擇期權和目標，分開查看結果背後的股價、時間和波幅條件
分析我的期權