Bear call ladder
Big moveUnlimited profitLimited loss
Short call financed into two longs: wants a strong rally.
Payoff at expiry — live BTC example
Net credit
$281.26
Max profit
Unlimited
Max loss
$918.74
Breakevens
75,881 / 78,119
Example legs (0.2 DTE front)
- Sell 75,600 call
- Buy 76,800 call
- Buy 77,200 call
Entry greeks (per 1 BTC notional): Δ -0.248 · Γ -0.0179 per 1% · vega $0.10/pt · theta $-104.78/day
How it works
Short lower call funds two higher longs: loses in a modest rally, wins big in a melt-up.
When to use it
Contrarian upside convexity when the market prices only a small move.
Risks & management
The mid-zone loss valley; theta hurts while you wait.
Related structures
Example built from live Delta Exchange BTC marks on the nearest constructible expiry; numbers refresh with the chain. Educational content, not investment advice.