# Call Backspread

> Are you expecting a genuine breakout - or just a move up?

| Property | Value |
| --- | --- |
| Market phase | Big move expected, direction unknown (event, coiling at the edge of a range), Clear uptrend, expected to continue |
| Driver | Gamma / realised vol - you get paid on the size of the move, whichever way it goes, Vega - you get paid on a change in implied volatility, Delta - you get paid because price moves your way |
| Direction | strongly bullish |
| Max profit | unlimited to the upside |
| Max loss | the spread width plus the debit paid |
| Risk defined | Yes |
| Legs | -1 Call @K_low; +2 Call @K_high |
| Approval level | 4 (Uncovered short positions - the highest approval tier and margin requirement) |
| Experience | Advanced |

## Formulas

```text
Break-even: K_high + W + D
Max profit: unlimited to the upside
Max loss: W + D
```

## Legs

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

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