Lesson 13 of 17Advanced6 min
What is a Bitcoin bull call spread?
A bull call spread buys a call and sells a higher-strike call with the same expiry. The sold call pays for part of the bought one, so the trade costs less, and in return the gain stops at the higher strike. On Bitcoin it suits a view that BTC rises, but not to the moon. The most you can lose is the net premium.
Real Delta Exchange quotes · 24 Sep, 9:39 am ISTFree, no account needed
Give up the moon, pay less
A bought call keeps unlimited upside but costs the full premium. Sell a higher call against it and the trade becomes a bull call spread: cheaper, and the gain is capped at the higher strike.
Most weeks the price does not reach the moon. The spread pays for the likely case.
Price at 86,445 → still in profit, +4.47
Bull call spread → +5.22 here, 0.75 better
At 86,445: +4.47 bought call · +5.22 bull call spread. Bull call spread is 0.75 better at this price.
The bull call spread costs less than the call because…
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Next: Adjustments: the price walks into your strikeKey terms
- Debit spread
- A spread you pay for upfront.
- Bull call spread
- Buy a lower call, sell a higher call.
- Maximum profit
- The gap between the strikes minus the net premium.
- Maximum loss
- The net premium paid.
Questions people ask
Why use a bull call spread instead of buying a Bitcoin call?
It costs less, so the breakeven is closer and it wins more often. You give up gains above the higher strike, which in most weeks Bitcoin never reaches.
What is the breakeven of a bull call spread?
The lower strike plus the net premium paid.
Is there a bearish version?
Yes. The bear put spread buys a put and sells a lower put. It works the same way in the other direction.
Keep going
- Next · lesson 14Adjustments: the price walks into your strike
- GlossaryCredit spread vs debit spread: what is the difference?Credit and debit spreads
- Lesson 11 · 8 minHow does hedging crypto options work on a sold Bitcoin option?Hedging: cap the risk on one side
- Use it in AlgoclearEasy OptionsYou pick a direction. It picks the strikes.
Paying less for a view
If you expect Bitcoin to rise, but not to the moon, a bought call spends money on upside you do not expect. Selling a higher call against it recovers part of that cost.
Why spreads suit crypto
Bitcoin's implied volatility is usually high, which makes single calls expensive. In a spread you both buy and sell that volatility, so a high IV costs you less than it would on a call alone.
The trade-off
Cheaper, capped and closer to breakeven: the spread wins more often and makes less when it wins. Easy Options offers it as the Balanced choice for an UP view on Bitcoin.
Written by the Algoclear team · Updated 22 September 2026 · Examples use Bitcoin options on Delta Exchange India.
Practise it on real prices.
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