Lesson 2 of 17Beginner6 min
What is a Bitcoin call option?
A call option is the right to buy at a fixed price, the strike, until expiry. On Bitcoin, you buy a call when you expect BTC to rise. If it ends above the strike plus the premium you paid, you profit. If it does not, the most you lose is the premium.
Real Delta Exchange quotes · 8 Nov, 2:09 pm ISTFree, no account needed
Step 1 of 2
You think Bitcoin will go up
A call is the right to buy at the strike. You want the price to go above the strike.
Drag the price. Watch the number change. Notice the red part never gets deeper than what you paid.
Profit or loss if the price is 78,205(your target)
| Date | Profit / loss |
|---|---|
| On target dateFri, 13 Nov | +₹513profit |
| On expiry dateFri, 13 Nov | +₹513profit |
Move over the graph to read any price; tap or click to set it as the target.
- The 76,500 call is worth 1,705 per BTC (78,205 − 76,500).
- On 0.01 BTC that is ₹1,449.
- You paid ₹937 for it.
- Result: +₹513.
Step 2 of 2
The loss has a floor
Below the strike the call is worth nothing at expiry. You lose the premium. That is the worst case, and it never gets worse.
Above the strike, every 1,000 the price rises is worth 1,000 per BTC to you. On ten lots that is 10 USDT.
Profit or loss if the price is 72,890(your target)
| Date | Profit / loss |
|---|---|
| On target dateFri, 13 Nov | −₹937loss |
| On expiry dateFri, 13 Nov | −₹937loss |
Move over the graph to read any price; tap or click to set it as the target.
- The 76,500 call is worth nothing at 72,890 (the price is not above the strike).
- You paid ₹937 for it.
- Result: −₹937.
Bitcoin ends Friday well below your strike. What happens?
Answer the quick check to finish. Your progress stays in this browser.
Next: Buying a putKey terms
- Call option
- The right to buy at the strike price.
- Long call
- Owning a call: you paid the premium and hold the right.
- Breakeven
- For a bought call: the strike plus the premium.
- Maximum loss
- For a bought call: the premium paid, never more.
Questions people ask
When should you buy a Bitcoin call?
When you expect Bitcoin to rise enough, and soon enough, to cover the premium before expiry. If you expect only a small rise, a bull call spread often costs less.
What happens to a BTC call at expiry?
If Bitcoin is above the strike, the call is worth the difference and is settled in USDT. If it is at or below the strike, it expires worthless and the buyer loses the premium.
How much can you lose buying a call?
Only the premium you paid. That is the fixed floor of a bought call, however far Bitcoin falls.
How a Bitcoin call makes money
At expiry, a call is worth one dollar per Bitcoin for every dollar BTC ends above the strike. Quotes are per one Bitcoin, so on ten lots (0.01 BTC) a finish 1,000 above the strike is worth 10 USDT.
You paid a premium first, so you profit only once Bitcoin passes the strike plus that premium: the breakeven.
Choosing a strike
A strike near today's price, at the money, costs more but reacts to Bitcoin quickly. A strike further above, out of the money, is cheaper but needs a bigger rise to pay. Cheaper calls win less often.
The simulator above uses today's real Delta Exchange quotes, so you can see that trade-off with actual prices.
A call versus buying the coin
Holding Bitcoin gains and loses one for one, and a crash hits the whole position. A call keeps the gain above the strike but stops the loss at the premium. The price of that floor is the premium, and its time part shrinks every day until expiry.
Written by the Algoclear team · Updated 22 September 2026 · Examples use Bitcoin options on Delta Exchange India.
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