Buy a call and sell a higher-strike call, same expiry. The short call finances part of the long one: lower cost and lower breakeven than a bare call, in exchange for a capped maximum profit at the upper strike.
Premiums start as Black-Scholes model values — overwrite them with your broker’s real quotes for exact numbers.
| price | today | +4d | +8d | +11d | +15d | +19d | +23d | +26d | expiry |
|---|---|---|---|---|---|---|---|---|---|
| 130.0 | 694 | 697 | 700 | 702 | 704 | 705 | 705 | 706 | 706 |
| 125.0 | 676 | 684 | 690 | 695 | 700 | 703 | 705 | 706 | 706 |
| 120.0 | 633 | 646 | 659 | 669 | 682 | 694 | 702 | 705 | 706 |
| 115.0 | 547 | 562 | 580 | 596 | 618 | 644 | 673 | 693 | 706 |
| 110.0 | 401 | 413 | 428 | 441 | 462 | 490 | 529 | 570 | 706 |
| 105.0 | 205 | 205 | 206 | 206 | 207 | 207 | 208 | 208 | 206 |
| 100.0 | 0 | -11 | -26 | -39 | -60 | -88 | -126 | -166 | -294 |
| 95.0 | -160 | -175 | -192 | -206 | -226 | -249 | -272 | -287 | -294 |
| 90.0 | -250 | -260 | -269 | -276 | -284 | -290 | -293 | -294 | -294 |
| 85.0 | -284 | -288 | -290 | -292 | -293 | -294 | -294 | -294 | -294 |
| 80.0 | -293 | -293 | -294 | -294 | -294 | -294 | -294 | -294 | -294 |
| 75.0 | -294 | -294 | -294 | -294 | -294 | -294 | -294 | -294 | -294 |
| 70.0 | -294 | -294 | -294 | -294 | -294 | -294 | -294 | -294 | -294 |
Dollar P&L for the whole position. Pre-expiry cells are model values (constant IV); real marks will differ with volatility and skew.
An options position is a view on the company underneath. Our SEC-grounded verdicts, quality scores and filings coverage are free for every US-listed name.
Educational model, not trade advice. Options involve substantial risk and are not suitable for every investor — read the OCC’s Characteristics and Risks of Standardized Options. Model values use Black-Scholes with your inputs (constant volatility, European exercise, no dividends) and will differ from live market prices.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.