# Bear Call Spread

> How far outside the expected move to expiration does the lower strike sit?

| Property | Value |
| --- | --- |
| Market phase | Range-bound, no trend, price oscillating between levels, Topping out, or a quiet downward drift, Clear downtrend or an outright crash |
| Driver | Theta - you get paid because time passes and premium decays, Delta - you get paid because price moves your way, Vega - you get paid on a change in implied volatility |
| Direction | bearish / neutral |
| Max profit | the credit received |
| Max loss | the spread width minus the credit received |
| Risk defined | Yes |
| Legs | -1 Call @K_low; +1 Call @K_high |
| Approval level | 3 (Defined-risk spreads) |
| Experience | Intermediate |

## Formulas

```text
Break-even: K_low + C
Max profit: C
Max loss: W - C
```

## Legs

1. -1 Call @K_low
2. +1 Call @K_high

[Read this strategy on the web](https://www.mindtrajour.com/en/academy/strategies/bear-call-spread)